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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| For the Fiscal Year Ended: |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| For the transition period from | to | ||||||||||
| Commission File Number: |
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(Vornado Realty Trust) | ||||||
| Commission File Number: |
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(Vornado Realty L.P.) | ||||||
| Vornado Realty Trust |
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| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
| Vornado Realty L.P. |
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| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
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| N/A | |||||
| (Former name, former address and former fiscal year, if changed since last report) | |||||
| Registrant | Title of Each Class | Trading Symbol(s) | Name of Exchange on Which Registered | |||||||||||||||||
| Vornado Realty Trust |
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Cumulative Redeemable Preferred Shares of beneficial
interest, liquidation preference $25.00 per share: |
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| Vornado Realty Trust |
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| Vornado Realty Trust |
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| Registrant | Title of Each Class | |||||||
| Vornado Realty Trust |
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| Vornado Realty L.P. |
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| ☑ |
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☐ | Accelerated Filer | |||||||||||
| ☐ | Non-Accelerated Filer |
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Smaller Reporting Company | |||||||||||
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Emerging Growth Company | |||||||||||||
| ☐ | Large Accelerated Filer | ☐ | Accelerated Filer | |||||||||||
| ☑ |
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Smaller Reporting Company | |||||||||||
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Emerging Growth Company | |||||||||||||
| Item | Financial Information: | Page Number | |||||||||||||||
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NEW YORK SEGMENT
Property
|
%
Ownership |
Type |
%
Occupancy |
|
In Service |
Under
Development or Not Available for Lease |
Total
Property |
|||||||||||||||||||||||||||||||
|
PENN1 (ground leased through 2098)
(1)
|
100.0 | % | Office / Retail | 85.4 | % |
|
2,202,000 | 343,000 | 2,545,000 | |||||||||||||||||||||||||||||
| 1290 Avenue of the Americas | 70.0 | % | Office / Retail | 98.7 | % |
|
2,118,000 | — | 2,118,000 | |||||||||||||||||||||||||||||
| PENN2 | 100.0 | % | Office / Retail | 100.0 | % |
|
433,000 | 1,187,000 | 1,620,000 | |||||||||||||||||||||||||||||
|
909 Third Avenue (ground leased through 2063)
(1)
|
100.0 | % | Office | 98.6 | % |
|
1,350,000 | — | 1,350,000 | |||||||||||||||||||||||||||||
|
280 Park Avenue
(2)
|
50.0 | % | Office / Retail | 97.3 | % | 1,262,000 | — | 1,262,000 | ||||||||||||||||||||||||||||||
|
Independence Plaza, Tribeca (1,327 units)
(2)
|
50.1 | % | Retail / Residential | 100.0 | % |
(3)
|
1,245,000 | 13,000 | 1,258,000 | |||||||||||||||||||||||||||||
| 770 Broadway | 100.0 | % | Office / Retail | 99.3 | % |
|
1,182,000 | — | 1,182,000 | |||||||||||||||||||||||||||||
| PENN11 | 100.0 | % | Office / Retail | 99.4 | % |
|
1,153,000 | — | 1,153,000 | |||||||||||||||||||||||||||||
| 90 Park Avenue | 100.0 | % | Office / Retail | 98.8 | % |
|
956,000 | — | 956,000 | |||||||||||||||||||||||||||||
|
One Park Avenue
(2)
|
55.0 | % | Office / Retail | 99.2 | % |
|
943,000 | — | 943,000 | |||||||||||||||||||||||||||||
|
888 Seventh Avenue (ground leased through 2067)
(1)
|
100.0 | % | Office / Retail | 90.6 | % |
|
885,000 | — | 885,000 | |||||||||||||||||||||||||||||
| 100 West 33rd Street | 100.0 | % | Office | 100.0 | % |
|
859,000 | — | 859,000 | |||||||||||||||||||||||||||||
|
Farley Office and Retail
(ground and building leased through 2116)
(1)
|
95.0 | % | Office / Retail | (4) | — | 844,000 | 844,000 | |||||||||||||||||||||||||||||||
|
330 West 34th Street (65.2% ground leased through 2149)
(1)
|
100.0 | % | Office / Retail | 73.0 | % |
|
724,000 | — | 724,000 | |||||||||||||||||||||||||||||
|
85 Tenth Avenue
(2)
|
49.9 | % | Office / Retail | 71.4 | % |
|
627,000 | — | 627,000 | |||||||||||||||||||||||||||||
|
650 Madison Avenue
(2)
|
20.1 | % | Office / Retail | 96.7 | % |
|
601,000 | — | 601,000 | |||||||||||||||||||||||||||||
| 350 Park Avenue | 100.0 | % | Office / Retail | 97.9 | % |
|
574,000 | — | 574,000 | |||||||||||||||||||||||||||||
|
150 East 58th Street
(5)
|
100.0 | % | Office / Retail | 89.4 | % |
|
544,000 | — | 544,000 | |||||||||||||||||||||||||||||
|
7 West 34th Street
(2)
|
53.0 | % | Office / Retail | 99.6 | % |
|
477,000 | — | 477,000 | |||||||||||||||||||||||||||||
| 33-00 Northern Boulevard (Center Building) | 100.0 | % | Office | 99.6 | % |
|
471,000 | — | 471,000 | |||||||||||||||||||||||||||||
| 595 Madison Avenue | 100.0 | % | Office / Retail | 77.7 | % |
|
333,000 | — | 333,000 | |||||||||||||||||||||||||||||
|
640 Fifth Avenue
(2)
|
52.0 | % | Office / Retail | 95.7 | % |
|
315,000 | — | 315,000 | |||||||||||||||||||||||||||||
|
50-70 W 93rd Street (325 units)
(2)
|
49.9 | % | Residential | 84.6 | % |
|
283,000 | — | 283,000 | |||||||||||||||||||||||||||||
| Manhattan Mall | 100.0 | % | Retail | 13.4 | % |
|
256,000 | — | 256,000 | |||||||||||||||||||||||||||||
| 40 Fulton Street | 100.0 | % | Office / Retail | 75.7 | % |
|
251,000 | — | 251,000 | |||||||||||||||||||||||||||||
| 4 Union Square South | 100.0 | % | Retail | 94.5 | % |
|
204,000 | — | 204,000 | |||||||||||||||||||||||||||||
|
61 Ninth Avenue (2 buildings) (ground leased through 2115)
(1)(2)
|
45.1 | % | Office / Retail | 94.5 | % | 192,000 | — | 192,000 | ||||||||||||||||||||||||||||||
|
260 Eleventh Avenue (ground leased through 2114)
(1)
|
100.0 | % | Office | 100.0 | % |
|
184,000 | — | 184,000 | |||||||||||||||||||||||||||||
|
512 W 22nd Street
(2)
|
55.0 | % | Office / Retail | 42.0 | % |
|
173,000 | — | 173,000 | |||||||||||||||||||||||||||||
| 825 Seventh Avenue | 51.2 | % |
Office
(2)
/ Retail
|
(4) | — | 169,000 | 169,000 | |||||||||||||||||||||||||||||||
|
1540 Broadway
(2)
|
52.0 | % | Retail | 100.0 | % |
|
161,000 | — | 161,000 | |||||||||||||||||||||||||||||
| Paramus | 100.0 | % | Office | 85.2 | % |
|
129,000 | — | 129,000 | |||||||||||||||||||||||||||||
|
666 Fifth Avenue
(2)(6)
|
52.0 | % | Retail | 100.0 | % |
|
114,000 | — | 114,000 | |||||||||||||||||||||||||||||
|
1535 Broadway
(2)
|
52.0 | % | Retail / Theatre | 98.2 | % |
|
107,000 | — | 107,000 | |||||||||||||||||||||||||||||
|
57th Street (2 buildings)
(2)
|
50.0 | % | Office / Retail | 87.8 | % |
|
103,000 | — | 103,000 | |||||||||||||||||||||||||||||
|
689 Fifth Avenue
(2)
|
52.0 | % | Office / Retail | 85.3 | % |
|
98,000 | — | 98,000 | |||||||||||||||||||||||||||||
| 478-486 Broadway (2 buildings) (10 units) | 100.0 | % | Retail / Residential | 100.0 | % |
(3)
|
35,000 | 53,000 | 88,000 | |||||||||||||||||||||||||||||
| 150 West 34th Street | 100.0 | % | Retail | 100.0 | % |
|
78,000 | — | 78,000 | |||||||||||||||||||||||||||||
| 510 Fifth Avenue | 100.0 | % | Retail | 51.5 | % |
|
66,000 | — | 66,000 | |||||||||||||||||||||||||||||
|
655 Fifth Avenue
(2)
|
50.0 | % | Retail | 100.0 | % |
|
57,000 | — | 57,000 | |||||||||||||||||||||||||||||
| 155 Spring Street | 100.0 | % | Retail | 97.3 | % |
|
50,000 | — | 50,000 | |||||||||||||||||||||||||||||
| 435 Seventh Avenue | 100.0 | % | Retail | 100.0 | % |
|
43,000 | — | 43,000 | |||||||||||||||||||||||||||||
| Square Feet | ||||||||||||||||||||||||||||||||||||||
|
NEW YORK SEGMENT – CONTINUED
Property
|
%
Ownership |
Type |
%
Occupancy |
In Service |
Under
Development or Not Available for Lease |
Total
Property |
||||||||||||||||||||||||||||||||
| 692 Broadway | 100.0 | % | Retail | 100.0 | % |
|
36,000 | — | 36,000 | |||||||||||||||||||||||||||||
| 606 Broadway | 50.0 | % | Office / Retail | 100.0 | % |
|
36,000 | — | 36,000 | |||||||||||||||||||||||||||||
|
697-703 Fifth Avenue
(2)
|
44.8 | % | Retail | 100.0 | % |
|
26,000 | — | 26,000 | |||||||||||||||||||||||||||||
| 759-771 Madison Avenue (40 East 66th Street (5 units)) | 100.0 | % | Retail / Residential | 76.1 | % |
(3)
|
26,000 | — | 26,000 | |||||||||||||||||||||||||||||
| 1131 Third Avenue | 100.0 | % | Retail | 100.0 | % | 23,000 | — | 23,000 | ||||||||||||||||||||||||||||||
| 131-135 West 33rd Street | 100.0 | % | Retail | 100.0 | % |
|
23,000 | — | 23,000 | |||||||||||||||||||||||||||||
| 715 Lexington Avenue | 100.0 | % | Retail | 100.0 | % | 10,000 | 12,000 | 22,000 | ||||||||||||||||||||||||||||||
| 828-850 Madison Avenue | 100.0 | % | Retail | 100.0 | % | 13,000 | 5,000 | 18,000 | ||||||||||||||||||||||||||||||
| 443 Broadway | 100.0 | % | Retail | 100.0 | % |
|
16,000 | — | 16,000 | |||||||||||||||||||||||||||||
| 334 Canal Street (4 units) | 100.0 | % | Retail / Residential | 100.0 | % |
(3)
|
15,000 | — | 15,000 | |||||||||||||||||||||||||||||
| 537 West 26th Street | 100.0 | % | Event space | — | % | — | 14,000 | 14,000 | ||||||||||||||||||||||||||||||
| 304 Canal Street (4 units) | 100.0 | % | Retail / Residential | 100.0 | % |
(3)
|
13,000 | — | 13,000 | |||||||||||||||||||||||||||||
| 677-679 Madison Avenue (8 units) | 100.0 | % | Retail / Residential | 100.0 | % |
(3)
|
13,000 | — | 13,000 | |||||||||||||||||||||||||||||
| 431 Seventh Avenue | 100.0 | % | Retail | 100.0 | % |
|
10,000 | — | 10,000 | |||||||||||||||||||||||||||||
| 138-142 West 32nd Street | 100.0 | % | Retail | 100.0 | % |
|
8,000 | — | 8,000 | |||||||||||||||||||||||||||||
| 148 Spring Street | 100.0 | % | Retail | 72.7 | % |
|
8,000 | — | 8,000 | |||||||||||||||||||||||||||||
| 339 Greenwich Street | 100.0 | % | Retail | 100.0 | % | 8,000 | — | 8,000 | ||||||||||||||||||||||||||||||
| 150 Spring Street (1 unit) | 100.0 | % | Retail / Residential | 100.0 | % |
(3)
|
7,000 | — | 7,000 | |||||||||||||||||||||||||||||
| 966 Third Avenue | 100.0 | % | Retail | 100.0 | % |
|
7,000 | — | 7,000 | |||||||||||||||||||||||||||||
|
968 Third Avenue
(2)
|
50.0 | % | Retail | 100.0 | % |
|
7,000 | — | 7,000 | |||||||||||||||||||||||||||||
| 137 West 33rd Street | 100.0 | % | Retail | 100.0 | % |
|
3,000 | — | 3,000 | |||||||||||||||||||||||||||||
|
57th Street
(2)
|
50.0 | % | Land | (4) | — | — | — | |||||||||||||||||||||||||||||||
| Eighth Avenue and 34th Street | 100.0 | % | Land | (4) | — | — | — | |||||||||||||||||||||||||||||||
| Other (3 buildings) | 100.0 | % | Retail | 84.8 | % | 16,000 | — | 16,000 | ||||||||||||||||||||||||||||||
|
Hotel Pennsylvania
(7)
|
100.0 | % | Hotel | n/a |
|
— | 1,400,000 | 1,400,000 | ||||||||||||||||||||||||||||||
| Alexander's, Inc.: |
|
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|
731 Lexington Avenue
(2)
|
32.4 | % | Office / Retail | 99.0 | % |
|
1,075,000 | — | 1,075,000 | |||||||||||||||||||||||||||||
|
Rego Park II, Queens (6.6 acres)
(2)
|
32.4 | % | Retail | 96.3 | % |
|
609,000 | — | 609,000 | |||||||||||||||||||||||||||||
|
Rego Park I, Queens (4.8 acres)
(2)
|
32.4 | % | Retail | 100.0 | % |
|
260,000 | 78,000 | 338,000 | |||||||||||||||||||||||||||||
|
The Alexander Apartment Tower, Queens (312 units)
(2)
|
32.4 | % | Residential | 82.4 | % |
|
255,000 | — | 255,000 | |||||||||||||||||||||||||||||
|
Flushing, Queens (1.0 acre ground leased through 2037)
(1)(2)
|
32.4 | % | Retail | 100.0 | % |
|
167,000 | — | 167,000 | |||||||||||||||||||||||||||||
|
Paramus, New Jersey (30.3 acres
ground leased to IKEA through 2041)
(1)(2)
|
32.4 | % | Land | 100.0 | % |
|
— | — | — | |||||||||||||||||||||||||||||
|
Rego Park III, Queens (3.4 acres)
(2)
|
32.4 | % | Land | (4) | — | — | — | |||||||||||||||||||||||||||||||
| Total New York Segment | 92.7 | % |
|
24,528,000 | 4,118,000 | 28,646,000 | ||||||||||||||||||||||||||||||||
| Our Ownership Interest | 92.1 | % |
|
18,777,000 | 3,935,000 | 22,712,000 | ||||||||||||||||||||||||||||||||
| Square Feet | ||||||||||||||||||||||||||||||||||||||
|
OTHER SEGMENT
Property
|
%
Ownership |
Type |
%
Occupancy |
In Service |
Under
Development or Not Available for Lease |
Total
Property |
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|
theMART:
|
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|
theMART, Chicago
|
100.0 | % | Office / Retail / Trade show / Showroom | 89.5 | % | 3,673,000 | — | 3,673,000 | ||||||||||||||||||||||||||||||
|
Piers 92 and 94 (New York) (ground and building leased through 2110)
(1)
|
100.0 | % | Trade show / Other | — | % | — | 208,000 | 208,000 | ||||||||||||||||||||||||||||||
|
Other (2 properties)
(2)
|
50.0 | % | Retail | 100.0 | % | 19,000 | — | 19,000 | ||||||||||||||||||||||||||||||
|
Total theMART
|
89.5 | % | 3,692,000 | 208,000 | 3,900,000 | |||||||||||||||||||||||||||||||||
|
Our Ownership Interest
|
89.5 | % | 3,683,000 | 208,000 | 3,891,000 | |||||||||||||||||||||||||||||||||
|
555 California Street:
|
||||||||||||||||||||||||||||||||||||||
|
555 California Street
|
70.0 | % | Office / Retail | 98.1 | % | 1,506,000 | — | 1,506,000 | ||||||||||||||||||||||||||||||
|
315 Montgomery Street
|
70.0 | % | Office / Retail | 100.0 | % | 235,000 | — | 235,000 | ||||||||||||||||||||||||||||||
|
345 Montgomery Street
|
70.0 | % | Office / Retail | (4) | — | 78,000 | 78,000 | |||||||||||||||||||||||||||||||
|
Total 555 California Street
|
98.4 | % | 1,741,000 | 78,000 | 1,819,000 | |||||||||||||||||||||||||||||||||
|
Our Ownership Interest
|
98.4 | % | 1,218,000 | 55,000 | 1,273,000 | |||||||||||||||||||||||||||||||||
|
Vornado Capital Partners Real Estate Fund ("Fund")
(8)
:
|
||||||||||||||||||||||||||||||||||||||
|
Crowne Plaza Times Square, NY (0.64 acres owned in
fee; 0.18 acres ground leased through 2187 and
0.05 acres ground leased through 2035)
(1)(9)
|
75.3 | % | Office / Retail / Hotel | 86.7 | % |
|
246,000 | — | 246,000 | |||||||||||||||||||||||||||||
|
Lucida, 86th Street and Lexington Avenue, NY
(ground leased through 2082)
(1)
(39 units)
|
100.0 | % | Retail / Residential | 100.0 | % |
(3)
|
157,000 | — | 157,000 | |||||||||||||||||||||||||||||
|
1100 Lincoln Road, Miami, FL
|
100.0 | % | Retail / Theatre | 85.0 | % | 130,000 | — | 130,000 | ||||||||||||||||||||||||||||||
|
501 Broadway, NY
|
100.0 | % | Retail | 100.0 | % |
|
9,000 | — | 9,000 | |||||||||||||||||||||||||||||
|
Total Real Estate Fund
|
88.9 | % |
|
542,000 | — | 542,000 | ||||||||||||||||||||||||||||||||
|
Our Ownership Interest
|
88.0 | % |
|
155,000 | — | 155,000 | ||||||||||||||||||||||||||||||||
|
Other:
|
||||||||||||||||||||||||||||||||||||||
|
Rosslyn Plaza, VA (197 units)
(2)
|
46.2 | % | Office / Residential | 68.1 | % |
(3)
|
685,000 | 304,000 | 989,000 | |||||||||||||||||||||||||||||
|
Fashion Centre Mall, VA
(2)
|
7.5 | % | Retail | 87.4 | % | 868,000 | — | 868,000 | ||||||||||||||||||||||||||||||
|
Washington Tower, VA
(2)
|
7.5 | % | Office | 75.0 | % | 170,000 | — | 170,000 | ||||||||||||||||||||||||||||||
|
Wayne Towne Center, Wayne, NJ (ground leased through
2064)
(1)
|
100.0 | % | Retail | 100.0 | % | 638,000 | 48,000 | 686,000 | ||||||||||||||||||||||||||||||
|
Annapolis, MD (ground leased through 2042)
(1)
|
100.0 | % | Retail | 100.0 | % | 128,000 | — | 128,000 | ||||||||||||||||||||||||||||||
|
Atlantic City, NJ (11.3 acres ground leased through 2070 to
MGM Growth Properties for a portion of the Borgata Hotel and Casino complex) |
100.0 | % | Land | 100.0 | % | — | — | — | ||||||||||||||||||||||||||||||
|
Total Other
|
87.0 | % | 2,489,000 | 352,000 | 2,841,000 | |||||||||||||||||||||||||||||||||
|
Our Ownership Interest
|
92.8 | % | 1,154,000 | 188,000 | 1,342,000 | |||||||||||||||||||||||||||||||||
| Office: | ||||||||||||||||||||||||||||||||
| Vornado's Ownership Interest | ||||||||||||||||||||||||||||||||
| As of December 31, |
Total
Property Square Feet |
Square Feet |
Occupancy
Rate |
Weighted
Average Annual Escalated Rent Per Square Foot |
||||||||||||||||||||||||||||
| 2020 |
(1)
|
18,361,000 | 15,413,000 | 93.4 | % | $ | 79.05 | |||||||||||||||||||||||||
| 2019 |
(2)(3)
|
19,070,000 | 16,195,000 | 96.9 | % | 76.26 | ||||||||||||||||||||||||||
| 2018 | 19,858,000 | 16,632,000 | 97.2 | % | 74.04 | |||||||||||||||||||||||||||
| 2017 | 20,256,000 | 16,982,000 | 97.1 | % | 71.09 | |||||||||||||||||||||||||||
| 2016 | 20,227,000 | 16,962,000 | 96.3 | % | 68.90 | |||||||||||||||||||||||||||
| Retail: | ||||||||||||||||||||||||||||||||
| Vornado's Ownership Interest | ||||||||||||||||||||||||||||||||
| As of December 31, |
Total
Property Square Feet |
Square Feet |
Occupancy
Rate |
Weighted
Average Annual Escalated Rent Per Square Foot |
||||||||||||||||||||||||||||
| 2020 | 2,275,000 | 1,805,000 | 78.8 | % | $ | 226.38 | ||||||||||||||||||||||||||
| 2019 |
(2)
|
2,300,000 | 1,842,000 | 94.5 | % | 209.86 | ||||||||||||||||||||||||||
| 2018 | 2,648,000 | 2,419,000 | 97.3 | % | 228.43 | |||||||||||||||||||||||||||
| 2017 | 2,720,000 | 2,471,000 | 96.9 | % | 217.17 | |||||||||||||||||||||||||||
| 2016 | 2,672,000 | 2,464,000 | 97.1 | % | 213.85 | |||||||||||||||||||||||||||
| Residential: | ||||||||||||||||||||||||||||||||
| Vornado's Ownership Interest | ||||||||||||||||||||||||||||||||
| As of December 31, | Number of Units | Number of Units |
Occupancy
Rate |
Average Monthly
Rent Per Unit |
||||||||||||||||||||||||||||
| 2020 | 1,989 | 954 | 83.9 | % | $ | 3,719 | ||||||||||||||||||||||||||
| 2019 | 1,991 | 955 | 97.0 | % | 3,889 | |||||||||||||||||||||||||||
| 2018 | 1,999 | 963 | 96.6 | % | 3,803 | |||||||||||||||||||||||||||
| 2017 | 2,009 | 981 | 96.7 | % | 3,722 | |||||||||||||||||||||||||||
| 2016 | 2,004 | 977 | 95.7 | % | 3,576 | |||||||||||||||||||||||||||
| Tenant |
Square Feet
Leased |
2020 Revenues |
Percentage of
New York Total Revenues |
Percentage
of Total Revenues |
||||||||||||||||||||||
| IPG & affiliates | 968,000 | $ | 61,517,000 | 5.0 | % | 4.0 | % | |||||||||||||||||||
|
Facebook
(1)
|
757,000 | 57,390,000 | 4.7 | % | 3.8 | % | ||||||||||||||||||||
| Equitable Financial Life Insurance Company | 505,000 | 42,926,000 | 3.5 | % | 2.8 | % | ||||||||||||||||||||
| Neuberger Berman Group LLC | 412,000 | 34,704,000 | 2.8 | % | 2.3 | % | ||||||||||||||||||||
| Macy's | 367,000 | 42,618,000 | 3.5 | % | 2.8 | % | ||||||||||||||||||||
| Ziff Brothers Investments, Inc. | 219,000 | 32,885,000 | 2.7 | % | 2.2 | % | ||||||||||||||||||||
| Verizon Media Group | 327,000 | 30,038,000 | 2.5 | % | 2.0 | % | ||||||||||||||||||||
| Industry | Percentage | |||||||
| Office: | ||||||||
| Financial Services | 18 | % | ||||||
| Communications | 9 | % | ||||||
| Technology | 9 | % | ||||||
| Advertising/Marketing | 7 | % | ||||||
| Legal Services | 5 | % | ||||||
| Insurance | 5 | % | ||||||
| Real Estate | 4 | % | ||||||
| Family Apparel | 4 | % | ||||||
| Government | 3 | % | ||||||
| Engineering, Architect, & Surveying | 3 | % | ||||||
| Banking | 3 | % | ||||||
| Entertainment and Electronics | 2 | % | ||||||
| Publishing | 2 | % | ||||||
| Health Services | 1 | % | ||||||
| Pharmaceutical | 1 | % | ||||||
| Other | 9 | % | ||||||
| 85 | % | |||||||
| Retail: | ||||||||
| Family Apparel | 5 | % | ||||||
| Women's Apparel | 2 | % | ||||||
| Restaurants | 2 | % | ||||||
| Banking | 2 | % | ||||||
| Department Stores | 1 | % | ||||||
| Luxury Retail | 1 | % | ||||||
| Other | 2 | % | ||||||
| 15 | % | |||||||
| Total | 100 | % | ||||||
| Number of Expiring Leases |
Square Feet of Expiring Leases
(1)
|
|
Percentage of
New York Square Feet |
Weighted Average Annual
Rent of Expiring Leases |
|
||||||||||||||||||||||||||||||
| Year |
|
Total | Per Square Foot |
|
|||||||||||||||||||||||||||||||
| Office: |
|
|
|||||||||||||||||||||||||||||||||
| Month to month | 10 | 32,000 | 0.2% | $ | 2,407,000 | $ | 75.22 |
|
|||||||||||||||||||||||||||
| 2021 | 95 | 742,000 | 5.1% | 60,263,000 | 81.22 |
(2)
|
|||||||||||||||||||||||||||||
| 2022 | 82 | 726,000 | 5.0% | 49,817,000 | 68.62 |
|
|||||||||||||||||||||||||||||
|
2023
(3)
|
85 | 1,847,000 | 12.8% | 164,053,000 | 88.82 | ||||||||||||||||||||||||||||||
| 2024 | 103 | 1,430,000 | 9.9% | 118,402,000 | 82.80 |
|
|||||||||||||||||||||||||||||
| 2025 | 66 | 813,000 | 5.6% | 65,293,000 | 80.31 |
|
|||||||||||||||||||||||||||||
| 2026 | 86 | 1,425,000 | 9.9% | 106,625,000 | 74.82 |
|
|||||||||||||||||||||||||||||
| 2027 | 78 | 1,165,000 | 8.1% | 85,100,000 | 73.05 |
|
|||||||||||||||||||||||||||||
| 2028 | 47 | 907,000 | 6.3% | 63,221,000 | 69.70 |
|
|||||||||||||||||||||||||||||
| 2029 | 36 | 648,000 | 4.5% | 54,375,000 | 83.91 |
|
|||||||||||||||||||||||||||||
| 2030 | 36 | 594,000 | 4.1% | 45,412,000 | 76.45 |
|
|||||||||||||||||||||||||||||
| Retail: |
|
|
|||||||||||||||||||||||||||||||||
| Month to month | 14 | 30,000 | 2.7% | $ | 4,405,000 | $ | 146.83 |
|
|||||||||||||||||||||||||||
| 2021 | 16 | 70,000 | 6.2% | 13,551,000 | 193.59 |
(4)
|
|||||||||||||||||||||||||||||
| 2022 | 14 | 116,000 | 10.3% | 8,524,000 | 73.48 |
|
|||||||||||||||||||||||||||||
| 2023 | 13 | 36,000 | 3.2% | 25,137,000 | 698.25 |
|
|||||||||||||||||||||||||||||
| 2024 | 18 | 202,000 | 18.0% | 45,730,000 | 226.39 |
|
|||||||||||||||||||||||||||||
| 2025 | 10 | 33,000 | 2.9% | 12,448,000 | 377.21 |
|
|||||||||||||||||||||||||||||
| 2026 | 12 | 70,000 | 6.2% | 25,350,000 | 362.14 |
|
|||||||||||||||||||||||||||||
| 2027 | 12 | 30,000 | 2.7% | 22,381,000 | 746.03 |
|
|||||||||||||||||||||||||||||
| 2028 | 11 | 23,000 | 2.0% | 12,835,000 | 558.04 |
|
|||||||||||||||||||||||||||||
| 2029 | 12 | 46,000 | 4.1% | 20,285,000 | 440.98 |
|
|||||||||||||||||||||||||||||
| 2030 | 20 | 159,000 | 14.1% | 20,262,000 | 127.43 |
|
|||||||||||||||||||||||||||||
| For the Year Ended December 31, | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
| Hotel Pennsylvania: | |||||||||||||||||||||||||||||
| Average occupancy rate | N/M | 82.1 | % | 86.4 | % | 87.3 | % | 84.7 | % | ||||||||||||||||||||
| Average daily rate | N/M | $ | 137.67 | $ | 138.35 | $ | 139.09 | $ | 134.38 | ||||||||||||||||||||
| Revenue per available room | N/M | 113.08 | 119.47 | 121.46 | 113.84 | ||||||||||||||||||||||||
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||
| Vornado Realty Trust | $ | 100 | $ | 107 | $ | 103 | $ | 84 | $ | 97 | $ | 58 | |||||||||||||||||||||||
| S&P 500 Index | 100 | 112 | 136 | 130 | 171 | 203 | |||||||||||||||||||||||||||||
| The NAREIT All Equity Index | 100 | 109 | 118 | 113 | 146 | 138 | |||||||||||||||||||||||||||||
| Page Number | |||||
| Overview | |||||
| Overview - Leasing Activity | |||||
| Critical Accounting Policies | |||||
| Net Operating Income At Share by Segment for the Years Ended December 31, 2020 and 2019 | |||||
| Results of Operations for the Year Ended December 31, 2020 Compared to December 31, 2019 | |||||
| Related Party Transactions | |||||
| Liquidity and Capital Resources | |||||
| Financing Activities and Contractual Obligations | |||||
| Certain Future Cash Requirements | |||||
| Cash Flows for the Year Ended December 31, 2020 Compared to December 31, 2019 | |||||
| Capital Expenditures for the Year Ended December 31, 2020 | |||||
| Capital Expenditures for the Year Ended December 31, 2019 | |||||
| Funds From Operations for the Years Ended December 31, 2020 and 2019 | |||||
|
Total Return
(1)
|
|||||||||||||||||||||||
| Vornado | Office REIT | MSCI | |||||||||||||||||||||
| Three-month | 12.7 | % | 16.9 | % | 11.5 | % | |||||||||||||||||
| One-year | (40.5 | %) | (18.4 | %) | (7.6 | %) | |||||||||||||||||
| Three-year | (43.7 | %) | (8.4 | %) | 11.0 | % | |||||||||||||||||
| Five-year | (42.3 | %) | 9.2 | % | 26.7 | % | |||||||||||||||||
| Ten-year | (9.6 | %) | 64.8 | % | 122.0 | % | |||||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Certain expense (income) items that impact net (loss) income attributable to common shareholders: | |||||||||||
| Non-cash impairment loss on our investment in Fifth Avenue and Times Square JV, net of $4,289 attributable to noncontrolling interests | $ | 409,060 | $ | — | |||||||
| After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units | (332,099) | (502,565) | |||||||||
| Real estate impairment losses (primarily wholly owned retail assets in 2020) | 236,286 | 8,065 | |||||||||
| 608 Fifth Avenue lease liability extinguishment gain in 2020 and impairment loss and related write-offs in 2019 | (70,260) | 101,092 | |||||||||
| Our share of loss from real estate fund investments | 63,114 | 48,808 | |||||||||
| Severance and other reduction-in-force related expenses | 23,368 | — | |||||||||
| Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020 | 13,369 | — | |||||||||
| Transaction related costs | 7,150 | 4,613 | |||||||||
| Severance accrual related to Hotel Pennsylvania closure, net of $3,145 of income tax benefit | 6,101 | — | |||||||||
| Mark-to-market decrease in Pennsylvania Real Estate Investment Trust ("PREIT") common shares (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) | 4,938 | 21,649 | |||||||||
| Net gain on transfer to Fifth Avenue and Times Square retail JV, net of $11,945 attributable to noncontrolling interests | — | (2,559,154) | |||||||||
| Net gains on sale of real estate (primarily our 25% interest in 330 Madison Avenue in 2019) | — | (178,769) | |||||||||
| Net gain from sale of Urban Edge Properties ("UE") common shares (sold on March 4, 2019) | — | (62,395) | |||||||||
| Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022 | — | 22,540 | |||||||||
| Mark-to-market increase in Lexington Realty Trust ("Lexington") common shares (sold on March 1, 2019) | — | (16,068) | |||||||||
| Other | 5,436 | (7,505) | |||||||||
| 366,463 | (3,119,689) | ||||||||||
| Noncontrolling interests' share of above adjustments | (24,626) | 198,599 | |||||||||
| Total of certain expense (income) items that impact net (loss) income attributable to common shareholders | $ | 341,837 | $ | (2,921,090) | |||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | |||||||||||
| After-tax net gain on sale of 220 CPS condominium units | $ | (332,099) | $ | (502,565) | |||||||
| 608 Fifth Avenue lease liability extinguishment gain in 2020 and impairment loss and related write-offs in 2019 | (70,260) | 77,156 | |||||||||
| Our share of loss from real estate fund investments | 63,114 | 48,808 | |||||||||
| Severance and other reduction-in-force related expenses | 23,368 | — | |||||||||
| Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020 | 13,369 | — | |||||||||
| Transaction related costs | 7,150 | 4,613 | |||||||||
| Severance accrual related to Hotel Pennsylvania closure, net of $3,145 of income tax benefit | 6,101 | — | |||||||||
| Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022 | — | 22,540 | |||||||||
| Other | 2,510 | (10,732) | |||||||||
| (286,747) | (360,180) | ||||||||||
| Noncontrolling interests' share of above adjustments | 19,269 | 22,989 | |||||||||
| Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (267,478) | $ | (337,191) | |||||||
| Year Ended December 31, 2020 compared to December 31, 2019: | Total | New York | theMART |
555
California Street |
||||||||||||||||||||||
| Same store NOI at share % (decrease) increase | (13.8) | % | (12.7) | % | (32.5) | % | 0.6 | % | ||||||||||||||||||
| Same store NOI at share - cash basis % (decrease) increase | (8.3) | % | (6.3) | % | (29.5) | % | 0.9 | % | ||||||||||||||||||
| (Square feet in thousands) | Square Feet (in service) | ||||||||||||||||||||||
|
Number of
properties |
Total
Portfolio |
Our
Share |
Occupancy % | ||||||||||||||||||||
| New York: | |||||||||||||||||||||||
| Office | 33 | 18,361 | 15,413 | 93.4 | % | ||||||||||||||||||
| Retail (includes retail properties that are in the base of our office properties) | 65 | 2,275 | 1,805 | 78.8 | % | ||||||||||||||||||
| Residential - 1,677 units | 9 | 1,526 | 793 | 83.9 | % | ||||||||||||||||||
| Alexander's, including 312 residential units | 7 | 2,366 | 766 | 96.7 | % | ||||||||||||||||||
| Hotel Pennsylvania (closed since April 1, 2020) | 1 | — | — | ||||||||||||||||||||
| 24,528 | 18,777 | 92.1 | % | ||||||||||||||||||||
| Other: | |||||||||||||||||||||||
| theMART | 4 | 3,692 | 3,683 | 89.5 | % | ||||||||||||||||||
| 555 California Street | 3 | 1,741 | 1,218 | 98.4 | % | ||||||||||||||||||
| Other | 11 | 2,489 | 1,154 | 92.8 | % | ||||||||||||||||||
| 7,922 | 6,055 | ||||||||||||||||||||||
| Total square feet at December 31, 2020 | 32,450 | 24,832 | |||||||||||||||||||||
| (Square feet in thousands) | Square Feet (in service) | ||||||||||||||||||||||
|
Number of
properties |
Total
Portfolio |
Our
Share |
Occupancy % | ||||||||||||||||||||
| New York: | |||||||||||||||||||||||
| Office | 35 | 19,070 | 16,195 | 96.9 | % | ||||||||||||||||||
| Retail (includes retail properties that are in the base of our office properties) | 70 | 2,300 | 1,842 | 94.5 | % | ||||||||||||||||||
| Residential - 1,679 units | 9 | 1,526 | 793 | 97.0 | % | ||||||||||||||||||
| Alexander's, including 312 residential units | 7 | 2,230 | 723 | 96.5 | % | ||||||||||||||||||
| Hotel Pennsylvania | 1 | 1,400 | 1,400 | ||||||||||||||||||||
| 26,526 | 20,953 | 96.7 | % | ||||||||||||||||||||
| Other: | |||||||||||||||||||||||
| theMART | 4 | 3,826 | 3,817 | 94.6 | % | ||||||||||||||||||
| 555 California Street | 3 | 1,741 | 1,218 | 99.8 | % | ||||||||||||||||||
| Other | 11 | 2,533 | 1,198 | 92.7 | % | ||||||||||||||||||
| 8,100 | 6,233 | ||||||||||||||||||||||
| Total square feet at December 31, 2019 | 34,626 | 27,186 | |||||||||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, 2020 | ||||||||||||||||
| Total | New York | Other | |||||||||||||||
| Total revenues | $ | 1,527,951 | $ | 1,221,748 | $ | 306,203 | |||||||||||
| Operating expenses | (789,066) | (640,531) | (148,535) | ||||||||||||||
| NOI - consolidated | 738,885 | 581,217 | 157,668 | ||||||||||||||
| Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (72,801) | (43,773) | (29,028) | ||||||||||||||
| Add: NOI from partially owned entities | 306,495 | 296,447 | 10,048 | ||||||||||||||
| NOI at share | 972,579 | 833,891 | 138,688 | ||||||||||||||
|
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
46,246 | 36,715 | 9,531 | ||||||||||||||
| NOI at share - cash basis | $ | 1,018,825 | $ | 870,606 | $ | 148,219 | |||||||||||
| (Amounts in thousands) | For the Year Ended December 31, 2019 | ||||||||||||||||
| Total |
New York
(1)
|
Other | |||||||||||||||
| Total revenues | $ | 1,924,700 | $ | 1,577,860 | $ | 346,840 | |||||||||||
| Operating expenses | (917,981) | (758,304) | (159,677) | ||||||||||||||
| NOI - consolidated | 1,006,719 | 819,556 | 187,163 | ||||||||||||||
| Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (69,332) | (40,896) | (28,436) | ||||||||||||||
| Add: NOI from partially owned entities | 322,390 | 294,168 | 28,222 | ||||||||||||||
| NOI at share | 1,259,777 | 1,072,828 | 186,949 | ||||||||||||||
|
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
(6,060) | (12,318) | 6,258 | ||||||||||||||
| NOI at share - cash basis | $ | 1,253,717 | $ | 1,060,510 | $ | 193,207 | |||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| New York: | |||||||||||
|
Office
(1)(2)
|
$ | 672,495 | $ | 724,526 | |||||||
|
Retail
(1)(3)
|
147,299 | 273,217 | |||||||||
| Residential | 20,687 | 23,363 | |||||||||
|
Alexander's
(4)
|
35,912 | 44,325 | |||||||||
|
Hotel Pennsylvania
(5)
|
(42,502) | 7,397 | |||||||||
| Total New York | 833,891 | 1,072,828 | |||||||||
| Other: | |||||||||||
|
theMART
(6)
|
69,178 | 102,071 | |||||||||
| 555 California Street | 60,324 | 59,657 | |||||||||
|
Other investments
(7)
|
9,186 | 25,221 | |||||||||
| Total Other | 138,688 | 186,949 | |||||||||
| NOI at share | $ | 972,579 | $ | 1,259,777 | |||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| New York: | |||||||||||
|
Office
(1)(2)
|
$ | 691,755 | $ | 718,734 | |||||||
|
Retail
(1)(3)
|
158,686 | 267,655 | |||||||||
| Residential | 19,369 | 21,894 | |||||||||
|
Alexander's
(4)
|
42,737 | 45,093 | |||||||||
|
Hotel Pennsylvania
(5)
|
(41,941) | 7,134 | |||||||||
| Total New York | 870,606 | 1,060,510 | |||||||||
| Other: | |||||||||||
|
theMART
(6)
|
76,251 | 108,130 | |||||||||
| 555 California Street | 60,917 | 60,156 | |||||||||
|
Other investments
(7)
|
11,051 | 24,921 | |||||||||
| Total Other | 148,219 | 193,207 | |||||||||
| NOI at share - cash basis | $ | 1,018,825 | $ | 1,253,717 | |||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Net (loss) income | $ | (461,845) | $ | 3,334,262 | |||||||
| Depreciation and amortization expense | 399,695 | 419,107 | |||||||||
| General and administrative expense | 181,509 | 169,920 | |||||||||
| Impairment losses and transaction related costs, net | 174,027 | 106,538 | |||||||||
| Loss (income) from partially owned entities | 329,112 | (78,865) | |||||||||
| Loss from real estate fund investments | 226,327 | 104,082 | |||||||||
| Interest and other investment loss (income), net | 5,499 | (21,819) | |||||||||
| Interest and debt expense | 229,251 | 286,623 | |||||||||
| Net gain on transfer to Fifth Avenue and Times Square JV | — | (2,571,099) | |||||||||
| Net gains on disposition of wholly owned and partially owned assets | (381,320) | (845,499) | |||||||||
| Income tax expense | 36,630 | 103,439 | |||||||||
| Loss from discontinued operations | — | 30 | |||||||||
| NOI from partially owned entities | 306,495 | 322,390 | |||||||||
| NOI attributable to noncontrolling interests in consolidated subsidiaries | (72,801) | (69,332) | |||||||||
| NOI at share | 972,579 | 1,259,777 | |||||||||
| Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 46,246 | (6,060) | |||||||||
| NOI at share - cash basis | $ | 1,018,825 | $ | 1,253,717 | |||||||
| For the Year Ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Region: | |||||||||||
| New York City metropolitan area | 87 | % | 87 | % | |||||||
| Chicago, IL | 7 | % | 8 | % | |||||||
| San Francisco, CA | 6 | % | 5 | % | |||||||
| 100 | % | 100 | % | ||||||||
| (Amounts in thousands) | |||||||||||||||||
| (Decrease) increase due to: | Total | New York | Other | ||||||||||||||
| Rental revenues: | |||||||||||||||||
| Acquisitions, dispositions and other | $ | (5,085) | $ | (3,505) | $ | (1,580) | |||||||||||
| Development and redevelopment | (73,297) | (73,299) | 2 | ||||||||||||||
|
Hotel Pennsylvania
(1)
|
(84,287) | (84,287) | — | ||||||||||||||
|
Trade shows
(2)
|
(27,925) | — | (27,925) | ||||||||||||||
| Properties transferred to Fifth Avenue and Times Square JV | (100,554) | (100,554) | — | ||||||||||||||
| Same store operations | (98,439) | (3) | (79,845) | (18,594) | |||||||||||||
| (389,587) | (341,490) | (48,097) | |||||||||||||||
| Fee and other income: |
|
||||||||||||||||
| BMS cleaning fees | (19,138) | (21,246) | (4) | 2,108 | |||||||||||||
| Management and leasing fees | 5,874 | 5,814 | 60 | ||||||||||||||
| Properties transferred to Fifth Avenue and Times Square JV | (388) | (388) | — | ||||||||||||||
| Other income | 6,490 | 1,198 | 5,292 | ||||||||||||||
| (7,162) | (14,622) | 7,460 | |||||||||||||||
| Total decrease in revenues | $ | (396,749) | $ | (356,112) | $ | (40,637) | |||||||||||
| (Amounts in thousands) | ||||||||||||||||||||
| (Decrease) increase due to: | Total | New York | Other | |||||||||||||||||
| Operating: | ||||||||||||||||||||
| Acquisitions, dispositions and other | $ | (10,055) | $ | (8,786) | $ | (1,269) | ||||||||||||||
| Development and redevelopment | (35,478) | (35,478) | — | |||||||||||||||||
| Non-reimbursable expenses | 1,327 | 1,408 | (81) | |||||||||||||||||
|
Hotel Pennsylvania
(1)
|
(34,399) | (34,399) | — | |||||||||||||||||
|
Trade shows
(2)
|
(9,613) | — | (9,613) | |||||||||||||||||
| BMS expenses | (12,016) | (14,124) | (4) | 2,108 | ||||||||||||||||
| Properties transferred to Fifth Avenue and Times Square JV | (21,615) | (21,615) | — | |||||||||||||||||
| Same store operations | (7,066) | (4,779) | (2,287) | |||||||||||||||||
| (128,915) | (117,773) | (11,142) | ||||||||||||||||||
| Depreciation and amortization: | ||||||||||||||||||||
| Acquisitions, dispositions and other | (3,735) | (3,744) | 9 | |||||||||||||||||
| Development and redevelopment | (214) | (214) | — | |||||||||||||||||
| Properties transferred to Fifth Avenue and Times Square JV | (25,119) | (25,119) | — | |||||||||||||||||
| Same store operations | 9,656 | 8,599 | 1,057 | |||||||||||||||||
| (19,412) | (20,478) | 1,066 | ||||||||||||||||||
| General and administrative | 11,589 | (5) | 4,231 | 7,358 | ||||||||||||||||
| Benefit from deferred compensation plan liability | (5,166) | — | (5,166) | |||||||||||||||||
| Impairment Losses and transaction related costs, net | 67,489 | (6) | 65,077 | 2,412 | ||||||||||||||||
| Total decrease in expenses | $ | (74,415) | $ | (68,943) | $ | (5,472) | ||||||||||||||
| (Amounts in thousands) | Percentage Ownership at December 31, 2020 | For the Year Ended December 31, | |||||||||||||||
| 2020 | 2019 | ||||||||||||||||
| Our share of net (loss) income: | |||||||||||||||||
|
Fifth Avenue and Times Square JV
(1)
:
|
|||||||||||||||||
|
Non-cash impairment loss
(2)
|
$ | (413,349) | $ | — | |||||||||||||
| Return on preferred equity, net of our share of the expense | 37,357 | 27,586 | |||||||||||||||
|
Equity in net income
(3)
|
51.5% | 21,063 | 31,130 | ||||||||||||||
| (354,929) | 58,716 | ||||||||||||||||
|
Alexander's
(4)
|
32.4% | 18,635 | 23,779 | ||||||||||||||
|
Partially owned office buildings
(5)
|
Various | 12,742 | (3,443) | ||||||||||||||
|
Other investments
(6)
|
Various | (5,560) | (187) | ||||||||||||||
| $ | (329,112) | $ | 78,865 | ||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Net unrealized loss on held investments | $ | (226,107) | $ | (106,109) | |||||||
| Net investment (loss) income | (220) | 2,027 | |||||||||
| Loss from real estate fund investments | (226,327) | (104,082) | |||||||||
| Less loss attributable to noncontrolling interests in consolidated subsidiaries | 163,213 | 55,274 | |||||||||
| Loss from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | (63,114) | $ | (48,808) | |||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
|
Credit losses on loans receivable
(1)
|
$ | (13,369) | $ | — | |||||||
| Interest on cash and cash equivalents and restricted cash | 5,793 | 13,380 | |||||||||
|
Decrease in fair value of marketable securities
(2)
|
(4,938) | (5,533) | |||||||||
| Interest on loans receivable | 3,384 | 6,326 | |||||||||
| Dividends on marketable securities | — | 3,938 | |||||||||
| Other, net | 3,631 | 3,708 | |||||||||
| $ | (5,499) | $ | 21,819 | ||||||||
| (Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||||||||||||||
| NOI at share for the year ended December 31, 2020 | $ | 972,579 | $ | 833,891 | $ | 69,178 | $ | 60,324 | $ | 9,186 | ||||||||||||||||||||||
| Less NOI at share from: | ||||||||||||||||||||||||||||||||
| Development properties | (30,946) | (30,946) | — | — | — | |||||||||||||||||||||||||||
| Hotel Pennsylvania (closed beginning April 1, 2020) | 33,146 | 33,146 | — | — | — | |||||||||||||||||||||||||||
| Other non-same store (income) expense, net | (27,898) | (18,361) | (524) | 173 | (9,186) | |||||||||||||||||||||||||||
| Same store NOI at share for the year ended December 31, 2020 | $ | 946,881 | $ | 817,730 | $ | 68,654 | $ | 60,497 | $ | — | ||||||||||||||||||||||
| NOI at share for the year ended December 31, 2019 | $ | 1,259,777 | $ | 1,072,828 | $ | 102,071 | $ | 59,657 | $ | 25,221 | ||||||||||||||||||||||
| Less NOI at share from: | ||||||||||||||||||||||||||||||||
| Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (35,770) | (35,770) | — | — | — | |||||||||||||||||||||||||||
| Dispositions | (7,420) | (7,420) | — | — | — | |||||||||||||||||||||||||||
| Development properties | (68,063) | (68,063) | — | — | — | |||||||||||||||||||||||||||
| Hotel Pennsylvania (closed beginning April 1, 2020) | (13,212) | (13,212) | — | — | — | |||||||||||||||||||||||||||
| Other non-same store (income) expense, net | (36,827) | (11,722) | (354) | 470 | (25,221) | |||||||||||||||||||||||||||
| Same store NOI at share for the year ended December 31, 2019 | $ | 1,098,485 | $ | 936,641 | $ | 101,717 | $ | 60,127 | $ | — | ||||||||||||||||||||||
| (Decrease) increase in same store NOI at share for the year ended December 31, 2020 compared to December 31, 2019 | $ | (151,604) | $ | (118,911) | $ | (33,063) | $ | 370 | $ | — | ||||||||||||||||||||||
| % (decrease) increase in same store NOI at share | (13.8) | % | (12.7) | % | (32.5) | % | 0.6 | % | — | % | ||||||||||||||||||||||
| (Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||||||||||||||
| NOI at share - cash basis for the year ended December 31, 2020 | $ | 1,018,825 | $ | 870,606 | $ | 76,251 | $ | 60,917 | $ | 11,051 | ||||||||||||||||||||||
| Less NOI at share - cash basis from: | ||||||||||||||||||||||||||||||||
| Development properties | (42,531) | (42,531) | — | — | — | |||||||||||||||||||||||||||
| Hotel Pennsylvania (closed beginning April 1, 2020) | 32,576 | 32,576 | — | — | — | |||||||||||||||||||||||||||
| Other non-same store (income) expense, net | (39,271) | (27,672) | (553) | 5 | (11,051) | |||||||||||||||||||||||||||
| Same store NOI at share - cash basis for the year ended December 31, 2020 | $ | 969,599 | $ | 832,979 | $ | 75,698 | $ | 60,922 | $ | — | ||||||||||||||||||||||
| NOI at share - cash basis for the year ended December 31, 2019 | $ | 1,253,717 | $ | 1,060,510 | $ | 108,130 | $ | 60,156 | $ | 24,921 | ||||||||||||||||||||||
| Less NOI at share - cash basis from: | ||||||||||||||||||||||||||||||||
| Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (32,905) | (32,905) | — | — | — | |||||||||||||||||||||||||||
| Dispositions | (8,219) | (8,219) | — | — | — | |||||||||||||||||||||||||||
| Development properties | (87,856) | (87,856) | — | — | — | |||||||||||||||||||||||||||
| Hotel Pennsylvania (closed beginning April 1, 2020) | (12,997) | (12,997) | — | — | — | |||||||||||||||||||||||||||
| Other non-same store (income) expense, net | (54,571) | (29,207) | (692) | 249 | (24,921) | |||||||||||||||||||||||||||
| Same store NOI at share - cash basis for the year ended December 31, 2019 | $ | 1,057,169 | $ | 889,326 | $ | 107,438 | $ | 60,405 | $ | — | ||||||||||||||||||||||
| (Decrease) increase in same store NOI at share - cash basis for the year ended December 31, 2020 compared to December 31, 2019 | $ | (87,570) | $ | (56,347) | $ | (31,740) | $ | 517 | $ | — | ||||||||||||||||||||||
| % (decrease) increase in same store NOI at share - cash basis | (8.3) | % | (6.3) | % | (29.5) | % | 0.9 | % | — | % | ||||||||||||||||||||||
| (Amounts in thousands) | As of December 31, 2020 | As of December 31, 2019 | |||||||||||||||||||||
| Consolidated debt: | Balance |
Weighted
Average Interest Rate |
Balance |
Weighted
Average Interest Rate |
|||||||||||||||||||
| Variable rate | $ | 3,220,815 | 1.83% | $ | 1,643,500 | 3.09% | |||||||||||||||||
| Fixed rate | 4,212,643 | 3.70% | 5,801,516 | 3.57% | |||||||||||||||||||
| Total | 7,433,458 | 2.89% | 7,445,016 | 3.46% | |||||||||||||||||||
| Deferred financing costs, net and other | (34,462) | (38,407) | |||||||||||||||||||||
| Total, net | $ | 7,398,996 | $ | 7,406,609 | |||||||||||||||||||
| (Amounts in thousands) |
Less than
1 Year |
||||||||||||||||||||||||||||
|
Contractual cash obligations
(1)
(principal and interest
(2)
):
|
Total | 1 – 3 Years | 3 – 5 Years | Thereafter | |||||||||||||||||||||||||
| Notes and mortgages payable | $ | 5,940,860 | $ | 2,737,058 | $ | 1,627,598 | $ | 1,160,108 | $ | 416,096 | |||||||||||||||||||
| Operating leases | 1,044,896 | 22,010 | 47,671 | 49,076 | 926,139 | ||||||||||||||||||||||||
| Purchase obligations, primarily construction commitments | 609,600 | 609,600 | — | — | — | ||||||||||||||||||||||||
| Senior unsecured notes due 2025 | 513,656 | 15,750 | 31,500 | 466,406 | — | ||||||||||||||||||||||||
| Unsecured term loan | 886,965 | 29,603 | 56,210 | 801,152 | — | ||||||||||||||||||||||||
| Revolving credit facilities | 588,179 | 5,923 | 582,256 | — | — | ||||||||||||||||||||||||
|
Other obligations
(3)
|
549,861 | 7,230 | 15,252 | 18,396 | 508,983 | ||||||||||||||||||||||||
| Total contractual cash obligations | $ | 10,134,017 | $ | 3,427,174 | $ | 2,360,487 | $ | 2,495,138 | $ | 1,851,218 | |||||||||||||||||||
| (Amounts in millions, except per square foot data) | Total | New York | theMART | 555 California Street | |||||||||||||||||||
| Expenditures to maintain assets | $ | 100.0 | $ | 84.0 | $ | 6.0 | $ | 10.0 | |||||||||||||||
| Tenant improvements | 82.0 | 65.0 | 12.0 | 5.0 | |||||||||||||||||||
| Leasing commissions | 30.5 | 25.0 | 3.0 | 2.5 | |||||||||||||||||||
|
Total recurring tenant improvements, leasing commissions and other capital expenditures
|
$ | 212.5 | $ | 174.0 | $ | 21.0 | $ | 17.5 | |||||||||||||||
| Square feet budgeted to be leased (in thousands) | 1,000 | 250 | 150 | ||||||||||||||||||||
| Weighted average lease term (years) | 10.0 | 7.5 | 5.0 | ||||||||||||||||||||
| Tenant improvements and leasing commissions: | |||||||||||||||||||||||
| Per square foot | $ | 90.00 | $ | 60.00 | $ | 50.00 | |||||||||||||||||
| Per square foot per annum | 9.00 | 8.00 | 10.00 | ||||||||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | (Decrease) Increase in Cash Flow | |||||||||||||||
| 2020 | 2019 | ||||||||||||||||
| Net cash provided by operating activities | $ | 424,240 | $ | 662,539 | $ | (238,299) | |||||||||||
| Net cash (used in) provided by investing activities | (87,800) | 2,463,276 | (2,551,076) | ||||||||||||||
| Net cash used in financing activities | (213,202) | (2,235,589) | 2,022,387 | ||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | (Decrease) Increase in Cash Flow | |||||||||||||||
| 2020 | 2019 | ||||||||||||||||
| Proceeds from sale of condominium units at 220 Central Park South | $ | 1,044,260 | $ | 1,605,356 | $ | (561,096) | |||||||||||
| Development costs and construction in progress | (601,920) | (649,056) | 47,136 | ||||||||||||||
| Moynihan Train Hall expenditures | (395,051) | (438,935) | 43,884 | ||||||||||||||
| Additions to real estate | (155,738) | (233,666) | 77,928 | ||||||||||||||
| Proceeds from sales of marketable securities | 28,375 | 168,314 | (139,939) | ||||||||||||||
| Investments in partially owned entities | (8,959) | (18,257) | 9,298 | ||||||||||||||
| Distributions of capital from partially owned entities | 2,389 | 24,880 | (22,491) | ||||||||||||||
| Acquisitions of real estate and other | (1,156) | (69,699) | 68,543 | ||||||||||||||
| Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash) | — | 1,248,743 | (1,248,743) | ||||||||||||||
| Proceeds from redemption of 640 Fifth Avenue preferred equity | — | 500,000 | (500,000) | ||||||||||||||
| Proceeds from sale of real estate and related investments | — | 324,201 | (324,201) | ||||||||||||||
| Proceeds from repayments of loans receivable | — | 1,395 | (1,395) | ||||||||||||||
| Net cash (used in) provided by investing activities | $ | (87,800) | $ | 2,463,276 | $ | (2,551,076) | |||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | Increase (Decrease) in Cash Flow | |||||||||||||||
| 2020 | 2019 | ||||||||||||||||
| Repayments of borrowings | $ | (1,067,564) | $ | (2,718,987) | $ | 1,651,423 | |||||||||||
| Proceeds from borrowings | 1,056,315 | 1,108,156 | (51,841) | ||||||||||||||
| Dividends paid on common shares/Distributions to Vornado | (827,319) | (503,785) | (323,534) | ||||||||||||||
| Moynihan Train Hall reimbursement from Empire State Development | 395,051 | 438,935 | (43,884) | ||||||||||||||
| Proceeds from issuance of preferred shares/units | 291,182 | — | 291,182 | ||||||||||||||
| Contributions from noncontrolling interests in consolidated subsidiaries | 100,094 | 17,871 | 82,223 | ||||||||||||||
| Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (91,514) | (80,194) | (11,320) | ||||||||||||||
| Dividends paid on preferred shares/Distributions to preferred unitholders | (64,271) | (50,131) | (14,140) | ||||||||||||||
| Debt issuance costs | (10,901) | (15,588) | 4,687 | ||||||||||||||
| Proceeds received from exercise of Vornado stock options and other | 5,862 | 6,903 | (1,041) | ||||||||||||||
| Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | (137) | (8,692) | 8,555 | ||||||||||||||
| Purchase of marketable securities in connection with defeasance of mortgage payable | — | (407,126) | 407,126 | ||||||||||||||
| Prepayment penalty on redemption of senior unsecured notes due 2022 | — | (22,058) | 22,058 | ||||||||||||||
| Redemption of preferred shares/units | — | (893) | 893 | ||||||||||||||
| Net cash used in financing activities | $ | (213,202) | $ | (2,235,589) | $ | 2,022,387 | |||||||||||
| (Amounts in thousands) | Total | New York | theMART | 555 California Street | |||||||||||||||||||
| Expenditures to maintain assets | $ | 65,173 | $ | 53,543 | $ | 7,627 | $ | 4,003 | |||||||||||||||
| Tenant improvements | 65,313 | 52,763 | 5,859 | 6,691 | |||||||||||||||||||
| Leasing commissions | 18,626 | 14,612 | 3,173 | 841 | |||||||||||||||||||
| Recurring tenant improvements, leasing commissions and other capital expenditures | 149,112 | 120,918 | 16,659 | 11,535 | |||||||||||||||||||
| Non-recurring capital expenditures | 64,624 | 64,414 | 210 | — | |||||||||||||||||||
| Total capital expenditures and leasing commissions | $ | 213,736 | $ | 185,332 | $ | 16,869 | $ | 11,535 | |||||||||||||||
| (Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
| Farley Office and Retail | $ | 239,427 | $ | 239,427 | $ | — | $ | — | $ | — | |||||||||||||||||||
| 220 CPS | 119,763 | — | — | — | 119,763 | ||||||||||||||||||||||||
| PENN1 | 105,392 | 105,392 | — | — | — | ||||||||||||||||||||||||
| PENN2 | 76,883 | 76,883 | — | — | — | ||||||||||||||||||||||||
| 345 Montgomery Street | 16,661 | — | — | 16,661 | — | ||||||||||||||||||||||||
| Other | 43,794 | 39,746 | 4,011 | — | 37 | ||||||||||||||||||||||||
| 601,920 | 461,448 | 4,011 | 16,661 | 119,800 | |||||||||||||||||||||||||
| (Amounts in thousands) | Total | New York | theMART | 555 California Street | |||||||||||||||||||
| Expenditures to maintain assets | $ | 93,226 | $ | 80,416 | $ | 9,566 | $ | 3,244 | |||||||||||||||
| Tenant improvements | 98,261 | 84,870 | 9,244 | 4,147 | |||||||||||||||||||
| Leasing commissions | 18,229 | 16,316 | 827 | 1,086 | |||||||||||||||||||
|
Recurring tenant improvements, leasing commissions and other capital expenditures
|
209,716 | 181,602 | 19,637 | 8,477 | |||||||||||||||||||
| Non-recurring capital expenditures | 30,374 | 28,269 | 332 | 1,773 | |||||||||||||||||||
| Total capital expenditures and leasing commissions | $ | 240,090 | $ | 209,871 | $ | 19,969 | $ | 10,250 | |||||||||||||||
| (Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
| Farley Office and Retail | $ | 265,455 | $ | 265,455 | $ | — | $ | — | $ | — | |||||||||||||||||||
| 220 CPS | 181,177 | — | — | — | 181,177 | ||||||||||||||||||||||||
| PENN1 | 51,168 | 51,168 | — | — | — | ||||||||||||||||||||||||
| 345 Montgomery Street | 29,441 | — | — | 29,441 | — | ||||||||||||||||||||||||
| PENN2 | 28,719 | 28,719 | — | — | — | ||||||||||||||||||||||||
| 606 Broadway | 7,434 | 7,434 | — | — | — | ||||||||||||||||||||||||
| 1535 Broadway | 1,031 | 1,031 | — | — | — | ||||||||||||||||||||||||
| Other | 84,631 | 78,128 | 2,322 | 3,896 | 285 | ||||||||||||||||||||||||
| $ | 649,056 | $ | 431,935 | $ | 2,322 | $ | 33,337 | $ | 181,462 | ||||||||||||||||||||
| (Amounts in thousands, except per share amounts) | For the Year Ended December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Reconciliation of our net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||||||
| Net (loss) income attributable to common shareholders | $ | (348,744) | $ | 3,097,806 | |||||||
| Per diluted share | $ | (1.83) | $ | 16.21 | |||||||
| FFO adjustments: | |||||||||||
| Depreciation and amortization of real property | $ | 368,556 | $ | 389,024 | |||||||
| Real estate impairment losses | 236,286 | 32,001 | |||||||||
| Net gain on transfer to Fifth Avenue and Times Square JV on April 18, 2019, net of $11,945 attributable to noncontrolling interests | — | (2,559,154) | |||||||||
| Net gains on sale of real estate | — | (178,711) | |||||||||
| Net gain from sale of UE common shares (sold on March 4, 2019) | — | (62,395) | |||||||||
| Decrease (increase) in fair value of marketable securities: | |||||||||||
| PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) | 4,938 | 21,649 | |||||||||
| Lexington (sold on March 1, 2019) | — | (16,068) | |||||||||
| Other | — | (48) | |||||||||
| Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO: | |||||||||||
| Non-cash impairment loss on our investment in Fifth Avenue and Times Square JV, net of $4,289 of noncontrolling interests | 409,060 | — | |||||||||
| Depreciation and amortization of real property | 156,646 | 134,706 | |||||||||
| Decrease in fair value of marketable securities | 2,801 | 2,852 | |||||||||
| 1,178,287 | (2,236,144) | ||||||||||
| Noncontrolling interests' share of above adjustments | (79,068) | 141,679 | |||||||||
| FFO adjustments, net | $ | 1,099,219 | $ | (2,094,465) | |||||||
| FFO attributable to common shareholders | $ | 750,475 | $ | 1,003,341 | |||||||
| Convertible preferred share dividends | 47 | 57 | |||||||||
| FFO attributable to common shareholders plus assumed conversions | $ | 750,522 | $ | 1,003,398 | |||||||
| Per diluted share | $ | 3.93 | $ | 5.25 | |||||||
| Reconciliation of weighted average shares outstanding: | |||||||||||
| Weighted average common shares outstanding | 191,146 | 190,801 | |||||||||
| Effect of dilutive securities: | |||||||||||
| Convertible preferred shares | 28 | 34 | |||||||||
| Employee stock options and restricted share awards | 19 | 216 | |||||||||
| Denominator for FFO per diluted share | 191,193 | 191,051 | |||||||||
| (Amounts in thousands, except per share and unit amounts) | 2020 | 2019 | |||||||||||||||||||||||||||
| December 31, Balance |
Weighted
Average Interest Rate |
Effect of 1%
Change In Base Rates |
December 31, Balance |
Weighted
Average Interest Rate |
|||||||||||||||||||||||||
| Consolidated debt: | |||||||||||||||||||||||||||||
| Variable rate | $ | 3,220,815 | 1.83% | $ | 32,208 | $ | 1,643,500 | 3.09% | |||||||||||||||||||||
| Fixed rate | 4,212,643 | 3.70% | — | 5,801,516 | 3.57% | ||||||||||||||||||||||||
| $ | 7,433,458 | 2.89% | 32,208 | $ | 7,445,016 | 3.46% | |||||||||||||||||||||||
|
Pro rata share of debt of non-consolidated entities
(1)
:
|
|||||||||||||||||||||||||||||
| Variable rate | $ | 1,384,710 | 1.80% | 13,847 | $ | 1,441,690 | 3.34% | ||||||||||||||||||||||
| Fixed rate | 1,488,464 | 3.76% | — | 1,361,169 | 3.93% | ||||||||||||||||||||||||
|
|
$ | 2,873,174 | 2.81% | 13,847 | $ | 2,802,859 | 3.62% | ||||||||||||||||||||||
|
Noncontrolling interests’ share of consolidated subsidiaries
|
(371) | ||||||||||||||||||||||||||||
|
Total change in annual net income attributable to the Operating Partnership
|
45,684 | ||||||||||||||||||||||||||||
|
Noncontrolling interests’ share of the Operating Partnership
|
(3,070) | ||||||||||||||||||||||||||||
|
Total change in annual net income attributable to Vornado
|
$ | 42,614 | |||||||||||||||||||||||||||
|
Total change in annual net income attributable to the Operating Partnership per diluted Class A unit
|
$ | 0.22 | |||||||||||||||||||||||||||
|
Total change in annual net income attributable to Vornado per diluted share
|
$ | 0.22 | |||||||||||||||||||||||||||
| (Amounts in thousands) | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||
| Variable Rate | ||||||||||||||||||||||||||||||||||||||
| Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
| Interest rate caps (included in other assets): | ||||||||||||||||||||||||||||||||||||||
| Various | $ | 17 | $ | 175,000 | ||||||||||||||||||||||||||||||||||
| Interest rate swaps (included in other liabilities): | ||||||||||||||||||||||||||||||||||||||
| Unsecured term loan | $ | 57,723 | $ | 750,000 | L+100 | 1.15% | 3.87% | 10/23 | ||||||||||||||||||||||||||||||
| 33-00 Northern Boulevard mortgage loan | 8,310 | 100,000 | L+180 | 1.95% | 4.14% | 1/25 | ||||||||||||||||||||||||||||||||
| $ | 66,033 | $ | 850,000 | |||||||||||||||||||||||||||||||||||
|
Page
Number |
|||||
| Vornado Realty Trust | |||||
| Consolidated Balance Sheets at December 31, 2020 and 2019 | |||||
| Consolidated Statements of Income for the years ended December 31, 2020, 2019 and 2018 | |||||
| Consolidated Statements of Comprehensive Income for the years ended December 31, 2020, 2019 and 2018 | |||||
| Consolidated Statements of Changes in Equity for the years ended December 31, 2020, 2019 and 2018 | |||||
| Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018 | |||||
| Vornado Realty L.P. | |||||
| Consolidated Balance Sheets at December 31, 2020 and 2019 | |||||
| Consolidated Statements of Income for the years ended December 31, 2020, 2019 and 2018 | |||||
| Consolidated Statements of Comprehensive Income for the years ended December 31, 2020, 2019 and 2018 | |||||
| Consolidated Statements of Changes in Equity for the years ended December 31, 2020, 2019 and 2018 | |||||
| Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018 | |||||
| Vornado Realty Trust and Vornado Realty L.P. | |||||
| (Amounts in thousands, except unit, share and per share amounts) | As of December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| ASSETS | |||||||||||
| Real estate, at cost: | |||||||||||
| Land | $ |
|
$ |
|
|||||||
| Buildings and improvements |
|
|
|||||||||
| Development costs and construction in progress |
|
|
|||||||||
| Moynihan Train Hall development expenditures |
|
|
|||||||||
| Leasehold improvements and equipment |
|
|
|||||||||
| Total |
|
|
|||||||||
| Less accumulated depreciation and amortization |
(
|
(
|
|||||||||
| Real estate, net |
|
|
|||||||||
| Right-of-use assets |
|
|
|||||||||
| Cash and cash equivalents |
|
|
|||||||||
| Restricted cash |
|
|
|||||||||
| Marketable securities |
|
|
|||||||||
| Tenant and other receivables |
|
|
|||||||||
| Investments in partially owned entities |
|
|
|||||||||
| Real estate fund investments |
|
|
|||||||||
| 220 Central Park South condominium units ready for sale |
|
|
|||||||||
| Receivable arising from the straight-lining of rents |
|
|
|||||||||
|
Deferred leasing costs, net of accumulated amortization of $
|
|
|
|||||||||
|
Identified intangible assets, net of accumulated amortization of $
|
|
|
|||||||||
| Other assets |
|
|
|||||||||
| $ |
|
$ |
|
||||||||
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
| Mortgages payable, net | $ |
|
$ |
|
|||||||
| Senior unsecured notes, net |
|
|
|||||||||
| Unsecured term loan, net |
|
|
|||||||||
| Unsecured revolving credit facilities |
|
|
|||||||||
| Lease liabilities |
|
|
|||||||||
| Moynihan Train Hall obligation |
|
|
|||||||||
| Special dividend/distribution payable |
|
|
|||||||||
| Accounts payable and accrued expenses |
|
|
|||||||||
| Deferred revenue |
|
|
|||||||||
| Deferred compensation plan |
|
|
|||||||||
| Other liabilities |
|
|
|||||||||
| Total liabilities |
|
|
|||||||||
| Commitments and contingencies |
|
|
|||||||||
| Redeemable noncontrolling interests: | |||||||||||
|
Class A units -
|
|
|
|||||||||
|
Series D cumulative redeemable preferred units -
|
|
|
|||||||||
| Total redeemable noncontrolling partnership units |
|
|
|||||||||
| Redeemable noncontrolling interest in a consolidated subsidiary |
|
|
|||||||||
| Total redeemable noncontrolling interests |
|
|
|||||||||
| Shareholders' equity: | |||||||||||
|
Preferred shares of beneficial interest:
|
|
|
|||||||||
|
Common shares of beneficial interest: $
|
|
|
|||||||||
| Additional capital |
|
|
|||||||||
| Earnings less than distributions |
(
|
(
|
|||||||||
| Accumulated other comprehensive loss |
(
|
(
|
|||||||||
| Total shareholders' equity |
|
|
|||||||||
| Noncontrolling interests in consolidated subsidiaries |
|
|
|||||||||
| Total equity |
|
|
|||||||||
| $ |
|
$ |
|
||||||||
| (Amounts in thousands, except per share amounts) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| REVENUES: | |||||||||||||||||
| Rental revenues | $ |
|
$ |
|
$ |
|
|||||||||||
| Fee and other income |
|
|
|
||||||||||||||
| Total revenues |
|
|
|
||||||||||||||
| EXPENSES: | |||||||||||||||||
| Operating |
(
|
(
|
(
|
||||||||||||||
| Depreciation and amortization |
(
|
(
|
(
|
||||||||||||||
| General and administrative |
(
|
(
|
(
|
||||||||||||||
| (Expense) benefit from deferred compensation plan liability |
(
|
(
|
|
||||||||||||||
| Impairment losses and transaction related costs, net |
(
|
(
|
(
|
||||||||||||||
| Total expenses |
(
|
(
|
(
|
||||||||||||||
| (Loss) income from partially owned entities |
(
|
|
|
||||||||||||||
| Loss from real estate fund investments |
(
|
(
|
(
|
||||||||||||||
| Interest and other investment (loss) income, net |
(
|
|
|
||||||||||||||
| Income (loss) from deferred compensation plan assets |
|
|
(
|
||||||||||||||
| Interest and debt expense |
(
|
(
|
(
|
||||||||||||||
| Net gain on transfer to Fifth Avenue and Times Square JV |
|
|
|
||||||||||||||
| Purchase price fair value adjustment |
|
|
|
||||||||||||||
| Net gains on disposition of wholly owned and partially owned assets |
|
|
|
||||||||||||||
| (Loss) income before income taxes |
(
|
|
|
||||||||||||||
| Income tax expense |
(
|
(
|
(
|
||||||||||||||
| (Loss) income from continuing operations |
(
|
|
|
||||||||||||||
| (Loss) income from discontinued operations |
|
(
|
|
||||||||||||||
| Net (loss) income |
(
|
|
|
||||||||||||||
| Less net loss (income) attributable to noncontrolling interests in: | |||||||||||||||||
| Consolidated subsidiaries |
|
|
|
||||||||||||||
| Operating Partnership |
|
(
|
(
|
||||||||||||||
| Net (loss) income attributable to Vornado |
(
|
|
|
||||||||||||||
| Preferred share dividends |
(
|
(
|
(
|
||||||||||||||
| Preferred share issuance costs |
|
|
(
|
||||||||||||||
| NET (LOSS) INCOME attributable to common shareholders | $ |
(
|
$ |
|
$ |
|
|||||||||||
| (LOSS) INCOME PER COMMON SHARE - BASIC: | |||||||||||||||||
| Net (loss) income per common share | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Weighted average shares outstanding |
|
|
|
||||||||||||||
| (LOSS) INCOME PER COMMON SHARE - DILUTED: | |||||||||||||||||
| Net (loss) income per common share | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Weighted average shares outstanding |
|
|
|
||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Net (loss) income | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Other comprehensive (loss) income: | |||||||||||||||||
| Reduction in value of interest rate swaps and other |
(
|
(
|
(
|
||||||||||||||
| Other comprehensive (loss) income of nonconsolidated subsidiaries |
(
|
(
|
|
||||||||||||||
|
Amounts reclassified from accumulated other comprehensive loss relating to
nonconsolidated subsidiary |
|
(
|
|
||||||||||||||
| Comprehensive (loss) income |
(
|
|
|
||||||||||||||
| Less comprehensive loss (income) attributable to noncontrolling interests |
|
(
|
|
||||||||||||||
| Comprehensive (loss) income attributable to Vornado | $ |
(
|
$ |
|
$ |
|
|||||||||||
| (Amounts in thousands, except per share amount) | Common Shares |
Additional
Capital |
Earnings
Less Than Distributions |
Accumulated
Other Comprehensive Loss |
Non-
controlling Interests in Consolidated Subsidiaries |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2019 |
|
$ |
|
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Net loss attributable to
Vornado |
— | — | — | — | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Net loss attributable to
nonredeemable noncontrolling interests in consolidated subsidiaries |
— | — | — | — | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Dividends on common shares ($
|
— | — | — | — | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Series N cumulative redeemable preferred shares issuance |
|
|
— | — | — | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Upon redemption of Class A units, at redemption value
|
— | — |
|
|
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Under employees' share option plan
|
— | — |
|
|
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Under dividend reinvestment plan
|
— | — |
|
|
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Real estate fund investments
|
— | — | — | — | — | — | — |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Other
|
— | — | — | — | — | — | — |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Distributions | — | — | — | — | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Conversion of Series A preferred shares to common shares
|
(
|
(
|
|
|
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Deferred compensation shares and options
|
— | — |
|
|
|
(
|
— | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Other comprehensive loss of
nonconsolidated subsidiaries |
— | — | — | — | — | — |
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Reduction in value of interest rate swaps | — | — | — | — | — | — |
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Unearned 2017 Out-Performance Plan awards acceleration | — | — | — | — |
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Class A unit measurement adjustment | — | — | — | — |
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Redeemable noncontrolling interests' share of above adjustments
|
— | — | — | — | — | — |
|
— |
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Other | — | — | — | — |
(
|
(
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2020 |
|
$ |
|
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||
| (Amounts in thousands, except per share amounts) | Common Shares |
Additional
Capital |
Earnings
Less Than Distributions |
Accumulated
Other Comprehensive Income (Loss) |
Non-
controlling Interests in Consolidated Subsidiaries |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2018 |
|
$ |
|
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||
|
Net income attributable to Vornado
|
— | — | — | — | — |
|
— | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Net loss attributable to noncontrolling interests in consolidated subsidiaries
|
— | — | — | — | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Dividends on common shares: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Special dividend ($
share)
|
— | — | — | — | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Aggregate quarterly dividends
($
|
— | — | — | — | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Dividends on preferred shares | — | — | — | — | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Common shares issued:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Upon redemption of Class A units, at redemption value
|
— | — |
|
|
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Under employees' share option plan
|
— | — |
|
|
|
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Under dividend reinvestment plan
|
— | — |
|
|
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Contributions:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Real estate fund investments
|
— | — | — | — | — | — | — |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Other
|
— | — | — | — | — | — | — |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Distributions | — | — | — | — | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Conversion of Series A preferred shares to common shares
|
(
|
(
|
|
— |
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Deferred compensation shares and options
|
— | — |
|
— |
|
(
|
— | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Amounts reclassified related to a nonconsolidated subsidiary | — | — | — | — | — | — |
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — |
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Reduction in value of interest rate swaps
|
— | — | — | — | — | — |
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Unearned 2016 Out-Performance Plan awards acceleration | — | — | — | — |
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Class A unit measurement adjustment | — | — | — | — |
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Redeemable noncontrolling interests' share of above adjustments
|
— | — | — | — | — | — |
|
— |
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Deconsolidation of partially owned entity | — | — | — | — | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Other |
(
|
— | — | — | — |
(
|
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2019 |
|
$ |
|
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||
| (Amounts in thousands, except per share amount) | Common Shares |
Additional
Capital |
Earnings
Less Than Distributions |
Accumulated
Other Comprehensive Income |
Non-
controlling Interests in Consolidated Subsidiaries |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2017 |
|
$ |
|
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — |
|
(
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Net income attributable to Vornado
|
— | — | — | — | — |
|
— | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Dividends on common shares ($
|
— | — | — | — | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Dividends on preferred shares | — | — | — | — | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Series G and Series I cumulative redeemable preferred shares issuance costs | — |
(
|
— | — | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Common shares issued:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Upon redemption of Class A units, at redemption value
|
— | — |
|
|
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Under employees' share option plan
|
— | — |
|
|
|
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Under dividend reinvestment plan
|
— | — |
|
|
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Contributions: |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real estate fund investments | — | — | — | — | — | — | — |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Other
|
— | — | — | — | — | — | — |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real estate fund investments | — | — | — | — | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Other
|
— | — | — | — | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Conversion of Series A preferred shares to common shares
|
— |
(
|
|
— |
|
— | — | — |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Deferred compensation shares and options
|
— | — |
|
— |
|
(
|
— | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Unearned 2015 Out-Performance Plan awards acceleration | — | — | — | — |
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Other comprehensive income of nonconsolidated subsidiaries
|
— | — | — | — | — | — |
|
— |
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Reduction in value of interest rate swaps | — | — | — | — | — | — |
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Class A unit measurement adjustment | — | — | — | — |
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Redeemable noncontrolling interests' share of above adjustments
|
— | — | — | — | — | — |
|
— |
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Consolidation of the Farley joint venture | — | — | — | — | — | — | — |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Other
|
— | — | — | — |
|
(
|
(
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2018 |
|
$ |
|
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Cash Flows from Operating Activities: | |||||||||||||||||
| Net (loss) income | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||||||
| Depreciation and amortization (including amortization of deferred financing costs) |
|
|
|
||||||||||||||
| Net gains on disposition of wholly owned and partially owned assets |
(
|
(
|
(
|
||||||||||||||
| Equity in net loss (income) of partially owned entities |
|
(
|
(
|
||||||||||||||
| Real estate impairment losses and related write-offs |
|
|
|
||||||||||||||
| Net unrealized loss on real estate fund investments |
|
|
|
||||||||||||||
| Distributions of income from partially owned entities |
|
|
|
||||||||||||||
| Non-cash (gain on extinguishment of 608 Fifth Avenue lease liability) impairment loss on 608 Fifth Avenue right-of-use asset |
(
|
|
|
||||||||||||||
| Write-off of lease receivables deemed uncollectible |
|
|
|
||||||||||||||
| Stock-based compensation expense |
|
|
|
||||||||||||||
| Straight-lining of rents |
|
|
(
|
||||||||||||||
| Amortization of below-market leases, net |
(
|
(
|
(
|
||||||||||||||
| Credit losses on loans receivable |
|
|
|
||||||||||||||
| Decrease in fair value of marketable securities |
|
|
|
||||||||||||||
| Net gain on transfer to Fifth Avenue and Times Square JV |
|
(
|
|
||||||||||||||
| Prepayment penalty on redemption of senior unsecured notes due 2022 |
|
|
|
||||||||||||||
| Purchase price fair value adjustment |
|
|
(
|
||||||||||||||
| Return of capital from real estate fund investments |
|
|
|
||||||||||||||
| Change in valuation of deferred tax assets and liabilities |
|
|
|
||||||||||||||
| Other non-cash adjustments |
|
(
|
|
||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||
| Real estate fund investments |
(
|
(
|
(
|
||||||||||||||
| Tenant and other receivables, net |
(
|
(
|
(
|
||||||||||||||
| Prepaid assets |
(
|
|
|
||||||||||||||
| Other assets |
(
|
(
|
(
|
||||||||||||||
| Accounts payable and accrued expenses |
|
|
|
||||||||||||||
| Other liabilities |
(
|
|
(
|
||||||||||||||
| Net cash provided by operating activities |
|
|
|
||||||||||||||
| Cash Flows from Investing Activities: | |||||||||||||||||
| Proceeds from sale of condominium units at 220 Central Park South |
|
|
|
||||||||||||||
| Development costs and construction in progress |
(
|
(
|
(
|
||||||||||||||
| Moynihan Train Hall expenditures |
(
|
(
|
(
|
||||||||||||||
| Additions to real estate |
(
|
(
|
(
|
||||||||||||||
| Proceeds from sales of marketable securities |
|
|
|
||||||||||||||
| Investments in partially owned entities |
(
|
(
|
(
|
||||||||||||||
| Distributions of capital from partially owned entities |
|
|
|
||||||||||||||
| Acquisitions of real estate and other |
(
|
(
|
(
|
||||||||||||||
|
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $
|
|
|
|
||||||||||||||
| Proceeds from redemption of 640 Fifth Avenue preferred equity |
|
|
|
||||||||||||||
| Proceeds from sale of real estate and related investments |
|
|
|
||||||||||||||
| Proceeds from repayments of loans receivable |
|
|
|
||||||||||||||
| Investments in loans receivable |
|
|
(
|
||||||||||||||
| Net consolidation of Farley Office and Retail Building |
|
|
|
||||||||||||||
| Net cash (used in) provided by investing activities |
(
|
|
(
|
||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Cash Flows from Financing Activities: | |||||||||||||||||
| Repayments of borrowings | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| Proceeds from borrowings |
|
|
|
||||||||||||||
| Dividends paid on common shares |
(
|
(
|
(
|
||||||||||||||
| Moynihan Train Hall reimbursement from Empire State Development |
|
|
|
||||||||||||||
| Proceeds from issuance of preferred shares |
|
|
|
||||||||||||||
| Contributions from noncontrolling interests |
|
|
|
||||||||||||||
| Distributions to noncontrolling interests |
(
|
(
|
(
|
||||||||||||||
| Dividends paid on preferred shares |
(
|
(
|
(
|
||||||||||||||
| Debt issuance costs |
(
|
(
|
(
|
||||||||||||||
| Proceeds received from exercise of employee share options and other |
|
|
|
||||||||||||||
| Repurchase of shares related to stock compensation agreements and related tax withholdings and other |
(
|
(
|
(
|
||||||||||||||
| Purchase of marketable securities in connection with defeasance of mortgage payable |
|
(
|
|
||||||||||||||
| Prepayment penalty on redemption of senior unsecured notes due 2022 |
|
(
|
|
||||||||||||||
| Redemption of preferred shares |
|
(
|
(
|
||||||||||||||
| Debt prepayment and extinguishment costs |
|
|
(
|
||||||||||||||
| Net cash used in financing activities |
(
|
(
|
(
|
||||||||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash |
|
|
(
|
||||||||||||||
| Cash and cash equivalents and restricted cash at beginning of period |
|
|
|
||||||||||||||
| Cash and cash equivalents and restricted cash at end of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||||||||||||||||
| Cash and cash equivalents at beginning of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Restricted cash at beginning of period |
|
|
|
||||||||||||||
| Cash and cash equivalents and restricted cash at beginning of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Cash and cash equivalents at end of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Restricted cash at end of period |
|
|
|
||||||||||||||
| Cash and cash equivalents and restricted cash at end of period | $ |
|
$ |
|
$ |
|
|||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Supplemental Disclosure of Cash Flow Information: | |||||||||||||||||
|
Cash payments for interest, excluding capitalized interest of $
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Cash payments for income taxes | $ |
|
$ |
|
$ |
|
|||||||||||
| Non-Cash Investing and Financing Activities: | |||||||||||||||||
| Decrease in assets and liabilities resulting from the deconsolidation of Moynihan Train Hall: | |||||||||||||||||
| Real estate, net | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Moynihan Train Hall obligation |
(
|
|
|
||||||||||||||
|
Reclassification of condominium units from "development costs and construction in progress" to
"220 Central Park South condominium units ready for sale" |
|
|
|
||||||||||||||
| Redeemable Class A unit measurement adjustment |
|
|
|
||||||||||||||
| Write-off of fully depreciated assets |
(
|
(
|
(
|
||||||||||||||
| Accrued capital expenditures included in accounts payable and accrued expenses |
|
|
|
||||||||||||||
| Investments received in exchange for transfer to Fifth Avenue and Times Square JV: | |||||||||||||||||
| Preferred equity |
|
|
|
||||||||||||||
| Common equity |
|
|
|
||||||||||||||
| Lease liabilities arising from the recognition of right-of-use assets |
|
|
|
||||||||||||||
| Marketable securities transferred in connection with the defeasance of mortgage payable |
|
(
|
|
||||||||||||||
| Special dividend/distribution declared and payable on January 15, 2020 |
|
|
|
||||||||||||||
| Defeasance of mortgage payable |
|
|
|
||||||||||||||
| Recognition of negative basis related to the sale of our investment in 330 Madison Avenue |
|
|
|
||||||||||||||
| Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive loss" to "marketable securities" upon conversion of operating partnership units to common shares |
|
|
|
||||||||||||||
| Increase in assets and liabilities resulting from the consolidation of Farley Office and Retail Building: | |||||||||||||||||
| Real estate, net |
|
|
|
||||||||||||||
| Mortgage payable, net |
|
|
|
||||||||||||||
| Increase in assets and liabilities resulting from the consolidation of Moynihan Train Hall: | |||||||||||||||||
| Real estate, net |
|
|
|
||||||||||||||
| Moynihan Train Hall obligation |
|
|
|
||||||||||||||
| (Amounts in thousands, except unit amounts) | As of December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| ASSETS | |||||||||||
| Real estate, at cost: | |||||||||||
| Land | $ |
|
$ |
|
|||||||
| Buildings and improvements |
|
|
|||||||||
| Development costs and construction in progress |
|
|
|||||||||
| Moynihan Train Hall development expenditures |
|
|
|||||||||
| Leasehold improvements and equipment |
|
|
|||||||||
| Total |
|
|
|||||||||
| Less accumulated depreciation and amortization |
(
|
(
|
|||||||||
| Real estate, net |
|
|
|||||||||
| Right-of-use assets |
|
|
|||||||||
| Cash and cash equivalents |
|
|
|||||||||
| Restricted cash |
|
|
|||||||||
| Marketable securities |
|
|
|||||||||
| Tenant and other receivables |
|
|
|||||||||
| Investments in partially owned entities |
|
|
|||||||||
| Real estate fund investments |
|
|
|||||||||
| 220 Central Park South condominium units ready for sale |
|
|
|||||||||
| Receivable arising from the straight-lining of rents |
|
|
|||||||||
|
Deferred leasing costs, net of accumulated amortization of $
|
|
|
|||||||||
|
Identified intangible assets, net of accumulated amortization of $
|
|
|
|||||||||
| Other assets |
|
|
|||||||||
| $ |
|
$ |
|
||||||||
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
| Mortgages payable, net | $ |
|
$ |
|
|||||||
| Senior unsecured notes, net |
|
|
|||||||||
| Unsecured term loan, net |
|
|
|||||||||
| Unsecured revolving credit facilities |
|
|
|||||||||
| Lease liabilities |
|
|
|||||||||
| Moynihan Train Hall obligation |
|
|
|||||||||
| Special distribution payable |
|
|
|||||||||
| Accounts payable and accrued expenses |
|
|
|||||||||
| Deferred revenue |
|
|
|||||||||
| Deferred compensation plan |
|
|
|||||||||
| Other liabilities |
|
|
|||||||||
| Total liabilities |
|
|
|||||||||
| Commitments and contingencies |
|
|
|||||||||
| Redeemable noncontrolling interests: | |||||||||||
|
Class A units -
|
|
|
|||||||||
|
Series D cumulative redeemable preferred units -
|
|
|
|||||||||
| Total redeemable noncontrolling partnership units |
|
|
|||||||||
| Redeemable noncontrolling interest in a consolidated subsidiary |
|
|
|||||||||
| Total redeemable noncontrolling interests |
|
|
|||||||||
| Partners' equity: | |||||||||||
| Partners' capital |
|
|
|||||||||
| Earnings less than distributions |
(
|
(
|
|||||||||
| Accumulated other comprehensive loss |
(
|
(
|
|||||||||
| Total partners' equity |
|
|
|||||||||
| Noncontrolling interests in consolidated subsidiaries |
|
|
|||||||||
| Total equity |
|
|
|||||||||
| $ |
|
$ |
|
||||||||
| (Amounts in thousands, except per unit amounts) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| REVENUES: | |||||||||||||||||
| Rental revenues | $ |
|
$ |
|
$ |
|
|||||||||||
| Fee and other income |
|
|
|
||||||||||||||
| Total revenues |
|
|
|
||||||||||||||
| EXPENSES: | |||||||||||||||||
| Operating |
(
|
(
|
(
|
||||||||||||||
| Depreciation and amortization |
(
|
(
|
(
|
||||||||||||||
| General and administrative |
(
|
(
|
(
|
||||||||||||||
| (Expense) benefit from deferred compensation plan liability |
(
|
(
|
|
||||||||||||||
| Impairment losses and transaction related costs, net |
(
|
(
|
(
|
||||||||||||||
| Total expenses |
(
|
(
|
(
|
||||||||||||||
| (Loss) income from partially owned entities |
(
|
|
|
||||||||||||||
| Loss from real estate fund investments |
(
|
(
|
(
|
||||||||||||||
| Interest and other investment (loss) income, net |
(
|
|
|
||||||||||||||
| Income (loss) from deferred compensation plan assets |
|
|
(
|
||||||||||||||
| Interest and debt expense |
(
|
(
|
(
|
||||||||||||||
| Net gain on transfer to Fifth Avenue and Times Square JV |
|
|
|
||||||||||||||
| Purchase price fair value adjustment |
|
|
|
||||||||||||||
| Net gains on disposition of wholly owned and partially owned assets |
|
|
|
||||||||||||||
| (Loss) income before income taxes |
(
|
|
|
||||||||||||||
| Income tax expense |
(
|
(
|
(
|
||||||||||||||
| (Loss) income from continuing operations |
(
|
|
|
||||||||||||||
| (Loss) income from discontinued operations |
|
(
|
|
||||||||||||||
| Net (loss) income |
(
|
|
|
||||||||||||||
| Less net loss attributable to noncontrolling interests in consolidated subsidiaries |
|
|
|
||||||||||||||
| Net (loss) income attributable to Vornado Realty L.P. |
(
|
|
|
||||||||||||||
| Preferred unit distributions |
(
|
(
|
(
|
||||||||||||||
| Preferred unit issuance costs |
|
|
(
|
||||||||||||||
| NET (LOSS) INCOME attributable to Class A unitholders | $ |
(
|
$ |
|
$ |
|
|||||||||||
| (LOSS) INCOME PER CLASS A UNIT - BASIC: | |||||||||||||||||
| (Loss) income from continuing operations, net | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Income from discontinued operations, net |
|
|
|
||||||||||||||
| Net (loss) income per Class A unit | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Weighted average units outstanding |
|
|
|
||||||||||||||
| (LOSS) INCOME PER CLASS A UNIT - DILUTED: | |||||||||||||||||
| Net (loss) income per Class A unit | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Weighted average units outstanding |
|
|
|
||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Net (loss) income | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Other comprehensive (loss) income: | |||||||||||||||||
| Reduction in value of interest rate swaps and other |
(
|
(
|
(
|
||||||||||||||
| Other comprehensive (loss) income of nonconsolidated subsidiaries |
(
|
(
|
|
||||||||||||||
|
Amounts reclassified from accumulated other comprehensive loss relating to
nonconsolidated subsidiary |
|
(
|
|
||||||||||||||
| Comprehensive (loss) income |
(
|
|
|
||||||||||||||
|
Less comprehensive loss attributable to noncontrolling interests in consolidated
subsidiaries |
|
|
|
||||||||||||||
| Comprehensive (loss) income attributable to Vornado Realty L.P. | $ |
(
|
$ |
|
$ |
|
|||||||||||
| (Amounts in thousands, except per unit amount) |
Non-
controlling Interests in Consolidated Subsidiaries |
|||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Units |
Class A Units
Owned by Vornado |
Earnings
Less Than Distributions |
Accumulated
Other Comprehensive Loss |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||||||||
| Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2019 |
|
$ |
|
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||
| — | — | — | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||||||||||
| Net loss attributable to Vornado Realty L.P. | — | — | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
| Net loss attributable to redeemable partnership units | — | — | — | — |
|
— | — |
|
||||||||||||||||||||||||||||||||||||||||||
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Distributions to Vornado ($
|
— | — | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
| Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
| Series N cumulative redeemable preferred units issuance |
|
|
— | — | — | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Class A Units issued to Vornado:
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Upon redemption of redeemable Class A units, at redemption value
|
— | — |
|
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Under Vornado's employees' share option plan
|
— | — |
|
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Under Vornado's dividend reinvestment plan
|
— | — |
|
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Contributions:
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Real estate fund investments
|
— | — | — | — | — | — |
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Other
|
— | — | — | — | — | — |
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Distributions
|
— | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Conversion of Series A preferred units to Class A units
|
(
|
(
|
|
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Deferred compensation units and options
|
— | — |
|
|
(
|
— | — |
|
||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Reduction in value of interest rate swaps
|
— | — | — | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||
| Unearned 2017 Out-Performance Plan awards acceleration | — | — | — |
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
| Redeemable Class A unit measurement adjustment | — | — | — |
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Redeemable partnership units' share of above adjustments
|
— | — | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||
|
Other
|
— | — | — |
(
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2020 |
|
$ |
|
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||
| (Amounts in thousands, except per unit amounts) |
Non-
controlling Interests in Consolidated Subsidiaries |
|||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Units |
Class A Units
Owned by Vornado |
Earnings
Less Than Distributions |
Accumulated
Other Comprehensive Income (Loss) |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||||||||
| Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2018 |
|
$ |
|
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||
|
Net income attributable to Vornado Realty L.P.
|
— | — | — | — |
|
— | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Net income attributable to redeemable partnership units
|
— | — | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Net loss attributable to noncontrolling interests in consolidated subsidiaries
|
— | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||
| Distributions to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Special distribution ($
|
— | — | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Aggregate quarterly distributions to Vornado ($
|
— | — | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
| Distributions to preferred unitholders | — | — | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Class A Units issued to Vornado:
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Upon redemption of redeemable Class A units, at redemption value
|
— | — |
|
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Under Vornado's employees' share option plan
|
— | — |
|
|
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Under Vornado's dividend reinvestment plan
|
— | — |
|
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Contributions:
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Real estate fund investments
|
— | — | — | — | — | — |
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Other
|
— | — | — | — | — | — |
|
|
||||||||||||||||||||||||||||||||||||||||||
| Distributions | — | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Conversion of Series A preferred units to Class A units
|
(
|
(
|
|
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Deferred compensation units and options
|
— | — |
|
|
(
|
— | — |
|
||||||||||||||||||||||||||||||||||||||||||
| Amounts reclassified related to a nonconsolidated subsidiary | — | — | — | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Reduction in value of interest rate swaps
|
— | — | — | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||
| Unearned 2016 Out-Performance Plan awards acceleration | — | — | — |
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
| Redeemable Class A unit measurement adjustment | — | — | — |
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Redeemable partnership units' share of above adjustments
|
— | — | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||
| Deconsolidation of partially owned entity | — | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Other
|
(
|
— | — | — |
(
|
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2019 |
|
$ |
|
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||
| (Amounts in thousands, except per unit amount) |
Non-
controlling Interests in Consolidated Subsidiaries |
|||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Units |
Class A Units
Owned by Vornado |
Earnings
Less Than Distributions |
Accumulated
Other Comprehensive Income |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||||||||
| Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2017 |
|
$ |
|
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||
| — | — | — | — |
|
(
|
— |
|
|||||||||||||||||||||||||||||||||||||||||||
|
Net income attributable to Vornado Realty L.P.
|
— | — | — | — |
|
— | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Net income attributable to redeemable partnership units
|
— | — | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Distributions to Vornado ($
|
— | — | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Distributions to preferred unitholders
|
— | — | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
| Series G and Series I cumulative redeemable preferred units issuance costs | — |
(
|
— | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Class A Units issued to Vornado:
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Upon redemption of redeemable Class A units, at redemption value
|
— | — |
|
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Under Vornado's employees' share option plan
|
— | — |
|
|
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Under Vornado's dividend reinvestment plan
|
— | — |
|
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
| Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Real estate fund investments
|
— | — | — | — | — | — |
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Other
|
— | — | — | — | — | — |
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Distributions:
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Real estate fund investments
|
— | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Other
|
— | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Conversion of Series A preferred units to Class A units
|
— |
(
|
|
|
— | — | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Deferred compensation units and options
|
— | — |
|
|
(
|
— | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Other comprehensive income of nonconsolidated subsidiaries
|
— | — | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||
| Reduction in value of interest rate swaps | — | — | — | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||
| Unearned 2015 Out-Performance Plan awards acceleration | — | — | — |
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
| Redeemable Class A unit measurement adjustment | — | — | — |
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Redeemable partnership units' share of above adjustments
|
— | — | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||
| Consolidation of the Farley joint venture | — | — | — | — | — | — |
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Other
|
— | — | — |
|
(
|
(
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2018 |
|
$ |
|
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Cash Flows from Operating Activities: | |||||||||||||||||
| Net (loss) income | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||||||
| Depreciation and amortization (including amortization of deferred financing costs) |
|
|
|
||||||||||||||
| Net gains on disposition of wholly owned and partially owned assets |
(
|
(
|
(
|
||||||||||||||
| Equity in net loss (income) of partially owned entities |
|
(
|
(
|
||||||||||||||
| Real estate impairment losses and related write-offs |
|
|
|
||||||||||||||
| Net unrealized loss on real estate fund investments |
|
|
|
||||||||||||||
| Distributions of income from partially owned entities |
|
|
|
||||||||||||||
| Non-cash (gain on extinguishment of 608 Fifth Avenue lease liability) impairment loss on 608 Fifth Avenue right-of-use asset |
(
|
|
|
||||||||||||||
| Write-off of lease receivables deemed uncollectible |
|
|
|
||||||||||||||
| Stock-based compensation expense |
|
|
|
||||||||||||||
| Straight-lining of rents |
|
|
(
|
||||||||||||||
| Amortization of below-market leases, net |
(
|
(
|
(
|
||||||||||||||
| Credit losses on loans receivable |
|
|
|
||||||||||||||
| Decrease in fair value of marketable securities |
|
|
|
||||||||||||||
| Net gain on transfer to Fifth Avenue and Times Square JV |
|
(
|
|
||||||||||||||
| Prepayment penalty on redemption of senior unsecured notes due 2022 |
|
|
|
||||||||||||||
| Purchase price fair value adjustment |
|
|
(
|
||||||||||||||
| Return of capital from real estate fund investments |
|
|
|
||||||||||||||
| Change in valuation of deferred tax assets and liabilities |
|
|
|
||||||||||||||
| Other non-cash adjustments |
|
(
|
|
||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||
| Real estate fund investments |
(
|
(
|
(
|
||||||||||||||
| Tenant and other receivables, net |
(
|
(
|
(
|
||||||||||||||
| Prepaid assets |
(
|
|
|
||||||||||||||
| Other assets |
(
|
(
|
(
|
||||||||||||||
| Accounts payable and accrued expenses |
|
|
|
||||||||||||||
| Other liabilities |
(
|
|
(
|
||||||||||||||
| Net cash provided by operating activities |
|
|
|
||||||||||||||
| Cash Flows from Investing Activities: | |||||||||||||||||
| Proceeds from sale of condominium units at 220 Central Park South |
|
|
|
||||||||||||||
| Development costs and construction in progress |
(
|
(
|
(
|
||||||||||||||
| Moynihan Train Hall expenditures |
(
|
(
|
(
|
||||||||||||||
| Additions to real estate |
(
|
(
|
(
|
||||||||||||||
| Proceeds from sales of marketable securities |
|
|
|
||||||||||||||
| Investments in partially owned entities |
(
|
(
|
(
|
||||||||||||||
| Distributions of capital from partially owned entities |
|
|
|
||||||||||||||
| Acquisitions of real estate and other |
(
|
(
|
(
|
||||||||||||||
|
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $
|
|
|
|
||||||||||||||
| Proceeds from redemption of 640 Fifth Avenue preferred equity |
|
|
|
||||||||||||||
| Proceeds from sale of real estate and related investments |
|
|
|
||||||||||||||
| Proceeds from repayments of loans receivable |
|
|
|
||||||||||||||
| Investments in loans receivable |
|
|
(
|
||||||||||||||
| Net consolidation of Farley Office and Retail Building |
|
|
|
||||||||||||||
| Net cash (used in) provided by investing activities |
(
|
|
(
|
||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Cash Flows from Financing Activities: | |||||||||||||||||
| Repayments of borrowings | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| Proceeds from borrowings |
|
|
|
||||||||||||||
| Distributions to Vornado |
(
|
(
|
(
|
||||||||||||||
| Moynihan Train Hall reimbursement from Empire State Development |
|
|
|
||||||||||||||
| Proceeds from issuance of preferred units |
|
|
|
||||||||||||||
| Contributions from noncontrolling interests in consolidated subsidiaries |
|
|
|
||||||||||||||
| Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries |
(
|
(
|
(
|
||||||||||||||
| Distributions to preferred unitholders |
(
|
(
|
(
|
||||||||||||||
| Debt issuance costs |
(
|
(
|
(
|
||||||||||||||
| Proceeds received from exercise of Vornado stock options and other |
|
|
|
||||||||||||||
| Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other |
(
|
(
|
(
|
||||||||||||||
| Purchase of marketable securities in connection with defeasance of mortgage payable |
|
(
|
|
||||||||||||||
| Prepayment penalty on redemption of senior unsecured notes due 2022 |
|
(
|
|
||||||||||||||
| Redemption of preferred units |
|
(
|
(
|
||||||||||||||
| Debt prepayment and extinguishment costs |
|
|
(
|
||||||||||||||
| Net cash used in financing activities |
(
|
(
|
(
|
||||||||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash |
|
|
(
|
||||||||||||||
| Cash and cash equivalents and restricted cash at beginning of period |
|
|
|
||||||||||||||
| Cash and cash equivalents and restricted cash at end of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||||||||||||||||
| Cash and cash equivalents at beginning of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Restricted cash at beginning of period |
|
|
|
||||||||||||||
| Cash and cash equivalents and restricted cash at beginning of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Cash and cash equivalents at end of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Restricted cash at end of period |
|
|
|
||||||||||||||
| Cash and cash equivalents and restricted cash at end of period | $ |
|
$ |
|
$ |
|
|||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Supplemental Disclosure of Cash Flow Information: | |||||||||||||||||
|
Cash payments for interest, excluding capitalized interest of $
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Cash payments for income taxes | $ |
|
$ |
|
$ |
|
|||||||||||
| Non-Cash Investing and Financing Activities: | |||||||||||||||||
| Decrease in assets and liabilities resulting from the deconsolidation of Moynihan Train Hall: | |||||||||||||||||
| Real estate, net | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Moynihan Train Hall obligation |
(
|
|
|
||||||||||||||
|
Reclassification of condominium units from "development costs and construction in progress" to
"220 Central Park South condominium units ready for sale" |
|
|
|
||||||||||||||
| Redeemable Class A unit measurement adjustment |
|
|
|
||||||||||||||
| Write-off of fully depreciated assets |
(
|
(
|
(
|
||||||||||||||
| Accrued capital expenditures included in accounts payable and accrued expenses |
|
|
|
||||||||||||||
| Investments received in exchange for transfer to Fifth Avenue and Times Square JV: | |||||||||||||||||
| Preferred equity |
|
|
|
||||||||||||||
| Common equity |
|
|
|
||||||||||||||
| Lease liabilities arising from the recognition of right-of-use assets |
|
|
|
||||||||||||||
| Marketable securities transferred in connection with the defeasance of mortgage payable |
|
(
|
|
||||||||||||||
| Special dividend/distribution declared and payable on January 15, 2020 |
|
|
|
||||||||||||||
| Defeasance of mortgage payable |
|
|
|
||||||||||||||
| Recognition of negative basis related to the sale of our investment in 330 Madison Avenue |
|
|
|
||||||||||||||
| Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive loss" to "marketable securities" upon conversion of operating partnership units to common shares |
|
|
|
||||||||||||||
| Increase in assets and liabilities resulting from the consolidation of Farley Office and Retail Building: | |||||||||||||||||
| Real estate, net |
|
|
|
||||||||||||||
| Mortgage payable, net |
|
|
|
||||||||||||||
| Increase in assets and liabilities resulting from the consolidation of Moynihan Train Hall: | — | — | — | ||||||||||||||
| Real estate, net |
|
|
|
||||||||||||||
| Moynihan Train Hall obligation |
|
|
|
||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Net (loss) income attributable to Vornado common shareholders | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Book to tax differences (unaudited): | |||||||||||||||||
| Impairment losses |
|
|
|
||||||||||||||
| Depreciation and amortization |
|
|
|
||||||||||||||
| Sale of real estate and other capital transactions |
(
|
(
|
|
||||||||||||||
| Straight-line rent adjustments |
|
|
(
|
||||||||||||||
| Earnings of partially owned entities |
|
|
|
||||||||||||||
| Vornado stock options |
(
|
(
|
(
|
||||||||||||||
| Tangible property regulations |
|
(
|
(
|
||||||||||||||
| Other, net |
|
|
|
||||||||||||||
| Estimated taxable income (unaudited) | $ |
|
$ |
|
$ |
|
|||||||||||
| (Amounts in thousands) | For the Year Ended December 31, 2020 | |||||||||||||||||||
| Total | New York | Other | ||||||||||||||||||
|
Property rentals
(1)
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Hotel Pennsylvania
(2)
|
|
|
|
|||||||||||||||||
|
Trade shows
(3)
|
|
|
|
|||||||||||||||||
|
Lease revenues
(4)
|
|
|
|
|||||||||||||||||
| Tenant services |
|
|
|
|||||||||||||||||
|
Rental revenues
|
|
|
|
|||||||||||||||||
| BMS cleaning fees |
|
|
(
|
(5)
|
||||||||||||||||
| Management and leasing fees |
|
|
(
|
|||||||||||||||||
| Other income |
|
|
|
|||||||||||||||||
|
Fee and other income
|
|
|
|
|||||||||||||||||
|
Total revenues
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, 2019 | |||||||||||||||||||
| Total | New York | Other | ||||||||||||||||||
|
Property rentals
(1)
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| Hotel Pennsylvania |
|
|
|
|||||||||||||||||
| Trade shows |
|
|
|
|||||||||||||||||
|
Lease revenues
(4)
|
|
|
|
|||||||||||||||||
| Tenant services |
|
|
|
|||||||||||||||||
|
Rental revenues
|
|
|
|
|||||||||||||||||
| BMS cleaning fees |
|
|
(
|
(5)
|
||||||||||||||||
| Management and leasing fees |
|
|
(
|
|||||||||||||||||
| Other income |
|
|
|
|||||||||||||||||
|
Fee and other income
|
|
|
|
|||||||||||||||||
|
Total revenues
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Fixed billings | $ |
|
$ |
|
|||||||
| Variable billings |
|
|
|||||||||
| Total contractual operating lease billings |
|
|
|||||||||
| Adjustment for straight-line rents and amortization of acquired below-market leases, net |
(
|
|
|||||||||
| Less: write-off of straight-line rent and tenant receivables deemed uncollectible |
(
|
(
|
|||||||||
| Lease revenues | $ |
|
$ |
|
|||||||
| (Amounts in thousands) | For the Year Ended December 31, 2018 | |||||||||||||||||||
| Total | New York | Other | ||||||||||||||||||
| Property rentals | $ |
|
$ |
|
$ |
|
||||||||||||||
| Hotel Pennsylvania |
|
|
|
|||||||||||||||||
| Trade shows |
|
|
|
|||||||||||||||||
|
Lease revenues
|
|
|
|
|||||||||||||||||
| Tenant services |
|
|
|
|||||||||||||||||
|
Rental revenues
|
|
|
|
|||||||||||||||||
| BMS cleaning fees |
|
|
(
|
(1)
|
||||||||||||||||
| Management and leasing fees |
|
|
|
|||||||||||||||||
| Other income |
|
|
|
|||||||||||||||||
|
Fee and other income
|
|
|
|
|||||||||||||||||
|
Total revenues
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Net unrealized loss on held investments | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| Net investment (loss) income |
(
|
|
|
||||||||||||||
| Net realized loss on exited investments |
|
|
(
|
||||||||||||||
|
New York City real property transfer tax (the "Transfer Tax")
(1)
|
|
|
(
|
||||||||||||||
| Loss from real estate fund investments |
(
|
(
|
(
|
||||||||||||||
| Less loss attributable to noncontrolling interests in consolidated subsidiaries |
|
|
|
||||||||||||||
| Loss from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| (Amounts in thousands) | Total | ||||
| Balance as of December 31, 2018 | $ |
|
|||
| Sale of marketable securities (primarily Lexington Realty Trust) |
(
|
||||
|
Transfer of PREIT investment balance
(1)
|
|
||||
| Decrease in fair value of marketable securities |
(
|
||||
| Balance as of December 31, 2019 |
|
||||
| Sale of marketable securities on January 23, 2020 |
(
|
||||
| Decrease in fair value of marketable securities |
(
|
||||
| Balance as of December 31, 2020 | $ |
|
|||
| (Amounts in thousands) | Percentage Ownership at December 31, 2020 | Balance as of December 31, | |||||||||||||||
| 2020 | 2019 | ||||||||||||||||
| Investments: | |||||||||||||||||
| Fifth Avenue and Times Square JV (see page 91 for details) |
|
$ |
|
$ |
|
||||||||||||
|
Partially owned office buildings/land
(1)
|
Various |
|
|
||||||||||||||
| Alexander’s (see page 92 for details) |
|
|
|
||||||||||||||
|
Other investments
(2)
|
Various |
|
|
||||||||||||||
| $ |
|
$ |
|
||||||||||||||
|
Investments in partially owned entities included in other liabilities
(3)
:
|
|||||||||||||||||
| 7 West 34th Street |
|
$ |
(
|
$ |
(
|
||||||||||||
| 85 Tenth Avenue |
|
(
|
(
|
||||||||||||||
| $ |
(
|
$ |
(
|
||||||||||||||
| (Amounts in thousands) | Percentage Ownership at December 31, 2020 | For the Year Ended December 31, | ||||||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||||||||
| Our share of net (loss) income: | ||||||||||||||||||||||||||
|
Fifth Avenue and Times Square JV (see page 91
for details)
(1)
:
|
||||||||||||||||||||||||||
| Non-cash impairment loss | $ |
(
|
$ |
|
$ |
|
||||||||||||||||||||
| Return on preferred equity, net of our share of the expense |
|
|
|
|||||||||||||||||||||||
| Equity in net income |
|
|
(2)
|
|
|
|||||||||||||||||||||
|
(
|
|
|
||||||||||||||||||||||||
| Alexander's (see page 92 for details): | ||||||||||||||||||||||||||
| Equity in net income |
|
|
(3)
|
|
|
(4)
|
||||||||||||||||||||
| Management, leasing and development fees |
|
|
|
|||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||
|
Partially owned office buildings
(5)
|
Various |
|
(
|
(
|
||||||||||||||||||||||
|
Other investments
(6)
|
Various |
(
|
(
|
(
|
||||||||||||||||||||||
| $ |
(
|
$ |
|
$ |
|
|||||||||||||||||||||
| (Amounts in thousands) | Percentage Ownership at December 31, 2020 | Maturity | Interest Rate at December 31, 2020 |
100% Partially Owned Entities’
Debt at December 31,
(1)
|
|||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||
| Mortgages Payable: | |||||||||||||||||||||||||||||
|
Partially owned office buildings
(2)
|
Various |
|
|
$ |
|
$ |
|
||||||||||||||||||||||
| Alexander's |
|
|
|
|
|
||||||||||||||||||||||||
| Fifth Avenue and Times Square JV |
|
|
|
|
|
||||||||||||||||||||||||
|
Other
(3)
|
Various |
|
|
|
|
||||||||||||||||||||||||
| (Amounts in thousands) | As of December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Balance Sheet: | |||||||||||
| Assets | $ |
|
$ |
|
|||||||
| Liabilities |
|
|
|||||||||
| Noncontrolling interests |
|
|
|||||||||
| Equity |
|
|
|||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Income Statement: | |||||||||||||||||
| Total revenue | $ |
|
$ |
|
$ |
|
|||||||||||
| Net income |
|
|
|
||||||||||||||
| Net (loss) income attributable to the entity |
(
|
(
|
|
||||||||||||||
| (Amounts in thousands) | Balance as of December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Identified intangible assets: | |||||||||||
| Gross amount | $ |
|
$ |
|
|||||||
| Accumulated amortization |
(
|
(
|
|||||||||
| Total, net | $ |
|
$ |
|
|||||||
| Identified intangible liabilities (included in deferred revenue): | |||||||||||
| Gross amount | $ |
|
$ |
|
|||||||
| Accumulated amortization |
(
|
(
|
|||||||||
| Total, net | $ |
|
$ |
|
|||||||
| (Amounts in thousands) | |||||
| 2021 | $ |
|
|||
| 2022 |
|
||||
| 2023 |
|
||||
| 2024 |
|
||||
| 2025 |
|
||||
| (Amounts in thousands) | |||||
| 2021 | $ |
|
|||
| 2022 |
|
||||
| 2023 |
|
||||
| 2024 |
|
||||
| 2025 |
|
||||
| (Amounts in thousands) | Weighted Average Interest Rate at December 31, 2020 | Balance as of December 31, | |||||||||||||||
| 2020 | 2019 | ||||||||||||||||
| Mortgages Payable: | |||||||||||||||||
| Fixed rate |
|
$ |
|
$ |
|
||||||||||||
| Variable rate |
|
|
|
||||||||||||||
| Total |
|
|
|
||||||||||||||
| Deferred financing costs, net and other |
(
|
(
|
|||||||||||||||
| Total, net | $ |
|
$ |
|
|||||||||||||
|
Unsecured Debt: |
|||||||||||||||||
| Senior unsecured notes |
|
$ |
|
$ |
|
||||||||||||
| Deferred financing costs, net and other |
(
|
(
|
|||||||||||||||
| Senior unsecured notes, net |
|
|
|||||||||||||||
| Unsecured term loan |
|
|
|
||||||||||||||
| Deferred financing costs, net and other |
(
|
(
|
|||||||||||||||
| Unsecured term loan, net |
|
|
|||||||||||||||
| Unsecured revolving credit facilities |
|
|
|
||||||||||||||
| Total, net | $ |
|
$ |
|
|||||||||||||
| (Amounts in thousands) | Mortgages Payable |
Senior Unsecured
Notes, Unsecured Term Loan and Unsecured Revolving Credit Facilities |
|||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2021 | $ |
|
$ |
|
|||||||||||||
| 2022 |
|
|
|||||||||||||||
| 2023 |
|
|
|||||||||||||||
| 2024 |
|
|
|||||||||||||||
| 2025 |
|
|
|||||||||||||||
| Thereafter |
|
|
|||||||||||||||
| (Amounts in thousands, except units and per unit amounts) | Balance as of December 31, | Units Outstanding as of December 31, |
Per Unit
Liquidation Preference |
Preferred or
Annual Distribution Rate |
||||||||||||||||||||||||||||||||||
| Unit Series | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
| Common: | ||||||||||||||||||||||||||||||||||||||
| Class A units held by third parties | $ |
|
(1)
|
$ |
|
(1)
|
|
|
n/a | $ |
|
|||||||||||||||||||||||||||
|
Perpetual Preferred/Redeemable Preferred
(2)
:
|
||||||||||||||||||||||||||||||||||||||
|
|
$ |
|
$ |
|
|
|
$ |
|
$ |
|
||||||||||||||||||||||||||||
|
|
$ |
|
$ |
|
|
|
$ |
|
$ |
|
||||||||||||||||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Beginning balance | $ |
|
$ |
|
|||||||
| Net (loss) income |
(
|
|
|||||||||
| Other comprehensive loss |
(
|
(
|
|||||||||
| Distributions |
(
|
(
|
|||||||||
|
Special distribution declared on December 18, 2019 (see Note 12 -
Shareholder's Equity/Partners' Capital
)
|
|
(
|
|||||||||
| Redemption of Class A units for Vornado common shares, at redemption value |
(
|
(
|
|||||||||
| Redeemable Class A unit measurement adjustment |
(
|
(
|
|||||||||
| Other, net |
|
|
|||||||||
| Ending balance | $ |
|
$ |
|
|||||||
| (Amounts in thousands) |
For the Year Ended
December 31, 2020 |
|||||||
| Beginning balance | $ |
|
||||||
| Net income |
|
|||||||
| Contributions |
|
|||||||
| Other, net |
|
|||||||
| Ending balance | $ |
|
||||||
| (Amounts in thousands, except share/unit and per share/per unit amounts) | |||||||||||||||||||||||||||||||||||||||||
| Per Share/Unit | |||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, | Shares/Units Outstanding as of December 31, |
Liquidation
Preference |
Annual
Dividend/ Distribution (1) |
||||||||||||||||||||||||||||||||||||||
| Preferred Shares/Units | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||
| Convertible Preferred: | |||||||||||||||||||||||||||||||||||||||||
|
|
$ |
|
$ |
|
|
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
| Cumulative Redeemable Preferred: | |||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(4)
|
||||||||||||||||||||||||||||||||||
| $ |
|
$ |
|
|
|
||||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | Total | Accumulated other comprehensive income (loss) of nonconsolidated subsidiaries |
Interest rate
swaps |
Other | |||||||||||||||||||
| Balance as of December 31, 2019 | $ |
(
|
$ |
|
$ |
(
|
$ |
(
|
|||||||||||||||
| Other comprehensive (loss) income |
(
|
(
|
(
|
|
|||||||||||||||||||
| Balance as of December 31, 2020 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||
| (Amounts in thousands) | As of December 31, 2020 | ||||||||||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
| Real estate fund investments | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
Deferred compensation plan assets ($
|
|
|
|
|
|||||||||||||||||||
|
Loans receivable ($
|
|
|
|
|
|||||||||||||||||||
| Interest rate caps (included in other assets) |
|
|
|
|
|||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Mandatorily redeemable instruments (included in other liabilities) | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Interest rate swaps (included in other liabilities) |
|
|
|
|
|||||||||||||||||||
| Total liabilities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| (Amounts in thousands) | As of December 31, 2019 | ||||||||||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
| Marketable securities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Real estate fund investments |
|
|
|
|
|||||||||||||||||||
|
Deferred compensation plan assets ($
|
|
|
|
|
|||||||||||||||||||
| Interest rate swaps (included in other assets) |
|
|
|
|
|||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Mandatorily redeemable instruments (included in other liabilities) | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Interest rate swaps (included in other liabilities) |
|
|
|
|
|||||||||||||||||||
| Total liabilities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Range |
Weighted Average
(based on fair value of assets) |
||||||||||||||||||||||
| Unobservable Quantitative Input | December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||
| Discount rates |
|
|
|
|
|||||||||||||||||||
| Terminal capitalization rates |
|
|
|
|
|||||||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Beginning balance | $ |
|
$ |
|
|||||||
| Net unrealized loss on held investments |
(
|
(
|
|||||||||
| Purchases/additional fundings |
|
|
|||||||||
| Ending balance | $ |
|
$ |
|
|||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Beginning balance | $ |
|
$ |
|
|||||||
| Sales |
(
|
(
|
|||||||||
| Purchases |
|
|
|||||||||
| Realized and unrealized gains |
|
|
|||||||||
| Other, net |
|
|
|||||||||
| Ending balance | $ |
|
$ |
|
|||||||
| December 31, 2020 | |||||||||||||||||
| Unobservable Quantitative Input | Range | Weighted Average (based on fair value of investments) | |||||||||||||||
| Discount rates |
|
|
% | ||||||||||||||
| Terminal capitalization rates |
|
|
% | ||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, 2020 | ||||||||||
| Beginning balance | $ |
|
|||||||||
| Credit losses |
(
|
||||||||||
| Interest accrual |
|
||||||||||
| Paydowns |
(
|
||||||||||
| Ending balance | $ |
|
|||||||||
| (Amounts in thousands) | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||
| Variable Rate | ||||||||||||||||||||||||||||||||||||||
| Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
| Interest rate caps (included in other assets): | ||||||||||||||||||||||||||||||||||||||
| Various | $ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| Interest rate swaps (included in other liabilities): | ||||||||||||||||||||||||||||||||||||||
| Unsecured term loan | $ |
|
$ |
|
(1) |
L+
|
|
|
10/23 | |||||||||||||||||||||||||||||
| 33-00 Northern Boulevard mortgage loan |
|
|
L+
|
|
|
1/25 | ||||||||||||||||||||||||||||||||
| $ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | As of December 31, 2019 | |||||||||||||||||||||||||||||||||||||
| Variable Rate | ||||||||||||||||||||||||||||||||||||||
| Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
| Interest rate swaps (included in other assets): | ||||||||||||||||||||||||||||||||||||||
| 770 Broadway loan | $ |
|
$ |
|
L+
|
|
|
9/20 | ||||||||||||||||||||||||||||||
| 888 Seventh Avenue mortgage loan |
|
|
L+
|
|
|
12/20 | ||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||
| Interest rate caps (included in other assets): | ||||||||||||||||||||||||||||||||||||||
| Various |
|
|
||||||||||||||||||||||||||||||||||||
| $ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Interest rate swaps (included in other liabilities): | ||||||||||||||||||||||||||||||||||||||
| Unsecured term loan | $ |
|
$ |
|
L+
|
|
|
10/23 | ||||||||||||||||||||||||||||||
| 33-00 Northern Boulevard mortgage loan |
|
|
L+
|
|
|
1/25 | ||||||||||||||||||||||||||||||||
| $ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | As of December 31, 2020 | ||||||||||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
| Real estate assets | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| (Amounts in thousands) | As of September 30, 2020 | ||||||||||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
| Investment in Fifth Avenue and Times Square JV | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| (Amounts in thousands) | As of December 31, 2020 | As of December 31, 2019 | |||||||||||||||||||||
|
Carrying
Amount |
Fair
Value |
Carrying
Amount |
Fair
Value |
||||||||||||||||||||
| Cash equivalents | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Debt: | |||||||||||||||||||||||
| Mortgages payable | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Senior unsecured notes |
|
|
|
|
|||||||||||||||||||
| Unsecured term loan |
|
|
|
|
|||||||||||||||||||
| Unsecured revolving credit facilities |
|
|
|
|
|||||||||||||||||||
| Total | $ |
|
(1)
|
$ |
|
$ |
|
(1)
|
$ |
|
|||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| OP Units | $ |
|
$ |
|
$ |
|
|||||||||||
| OPPs |
|
|
|
||||||||||||||
| AO LTIP Units |
|
|
|
||||||||||||||
| Vornado stock options |
|
|
|
||||||||||||||
| Vornado restricted stock |
|
|
|
||||||||||||||
| Performance Conditioned AO LTIP Units |
|
|
|
||||||||||||||
| $ |
|
$ |
|
$ |
|
||||||||||||
| (Amounts in thousands) |
As of
December 31, 2020 |
Weighted-Average
Remaining Contractual Term |
|||||||||
| OP Units | $ |
|
|
||||||||
| OPPs |
|
|
|||||||||
| AO LTIP Units |
|
|
|||||||||
| Vornado stock options |
|
|
|||||||||
| Vornado restricted stock |
|
|
|||||||||
| Performance Conditioned AO LTIP Units |
|
|
|||||||||
| $ |
|
|
|||||||||
| Plan Year |
Total Plan
Notional Amount |
Percentage of Notional
Amount Granted |
Grant Date
Fair Value
(1)
|
OPP Units Earned | ||||||||||||||||||||||
| 2020 | $ |
|
|
% | $ |
|
|
|||||||||||||||||||
| 2018 |
|
|
% |
|
|
|||||||||||||||||||||
| 2017 |
|
|
% |
|
Not earned | |||||||||||||||||||||
| Shares |
Weighted-
Average Exercise Price |
Weighted-
Average Remaining Contractual Term |
Aggregate
Intrinsic Value |
||||||||||||||||||||
| Outstanding as of December 31, 2019 |
|
$ |
|
||||||||||||||||||||
| Granted |
|
|
|||||||||||||||||||||
| Exercised |
(
|
|
|||||||||||||||||||||
| Forfeited |
(
|
|
|||||||||||||||||||||
| Expired |
(
|
|
|||||||||||||||||||||
| Outstanding as of December 31, 2020 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Options exercisable as of December 31, 2020 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| As of December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Expected volatility |
|
|
|
||||||||||||||
| Expected life |
|
|
|
||||||||||||||
| Risk free interest rate |
|
|
|
||||||||||||||
| Expected dividend yield |
|
|
|
||||||||||||||
| Units |
Weighted-Average
Grant-Date Fair Value |
Weighted-
Average Remaining Contractual Term |
Aggregate
Intrinsic Value |
||||||||||||||||||||
| Outstanding as of December 31, 2019 |
|
$ |
|
||||||||||||||||||||
| Outstanding as of December 31, 2020 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Options exercisable at December 31, 2020 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| As of December 31, 2019 | |||||
| Expected volatility |
|
||||
| Expected life |
|
||||
| Risk free interest rate |
|
||||
| Expected dividend yield |
|
||||
| Shares |
Weighted-
Average Exercise Price |
Weighted-
Average Remaining Contractual Term |
Aggregate
Intrinsic Value |
||||||||||||||||||||
| Outstanding as of December 31, 2019 |
|
$ |
|
||||||||||||||||||||
| Granted |
|
|
|||||||||||||||||||||
| Forfeited |
(
|
|
|||||||||||||||||||||
| Expired |
(
|
|
|||||||||||||||||||||
| Outstanding as of December 31, 2020 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Options exercisable as of December 31, 2020 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| As of December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Expected volatility |
|
|
|
||||||||||||||
| Expected life |
|
|
|
||||||||||||||
| Risk free interest rate |
|
|
|
||||||||||||||
| Expected dividend yield |
|
|
|
||||||||||||||
| Unvested Units | Units |
Weighted-Average
Grant-Date Fair Value |
||||||||||||
| Unvested as of December 31, 2019 |
|
$ |
|
|||||||||||
| Granted |
|
|
||||||||||||
| Vested |
(
|
|
||||||||||||
| Forfeited |
(
|
|
||||||||||||
| Unvested as of December 31, 2020 |
|
|
||||||||||||
| Unvested Shares | Shares |
Weighted-Average
Grant-Date Fair Value |
||||||||||||
| Unvested as of December 31, 2019 |
|
$ |
|
|||||||||||
| Granted |
|
|
||||||||||||
| Vested |
(
|
|
||||||||||||
| Forfeited |
(
|
|
||||||||||||
| Unvested as of December 31, 2020 |
|
|
||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
|
Real estate impairment losses
(1)
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| 608 Fifth Avenue lease liability extinguishment gain in 2020 and impairment loss and related write-offs in 2019 (see following page for details) |
|
(
|
— | ||||||||||||||
| Transaction related costs |
(
|
(
|
(
|
||||||||||||||
|
Transfer Tax
(2)
|
|
|
(
|
||||||||||||||
| $ |
(
|
$ |
(
|
$ |
(
|
||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | |||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| (Decrease) increase in fair value of marketable securities: | ||||||||||||||||||||
|
PREIT
(1)
|
$ |
(
|
$ |
(
|
$ |
|
||||||||||||||
|
Lexington
(2)
|
|
|
(
|
|||||||||||||||||
|
Other
|
|
|
|
|||||||||||||||||
|
(
|
(
|
(
|
||||||||||||||||||
|
Credit losses on loans receivable
(3)
|
(
|
|
|
|||||||||||||||||
| Interest on cash and cash equivalents and restricted cash |
|
|
|
|||||||||||||||||
| Interest on loans receivable |
|
|
|
(4)
|
||||||||||||||||
| Dividends on marketable securities |
|
|
|
|||||||||||||||||
| Other, net |
|
|
|
|||||||||||||||||
| ______________ | $ |
(
|
$ |
|
$ |
|
||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
|
Interest expense
(1)
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Capitalized interest and debt expense |
(
|
(
|
(
|
||||||||||||||
| Amortization of deferred financing costs |
|
|
|
||||||||||||||
| _______________ | $ |
|
$ |
|
$ |
|
|||||||||||
| (Amounts in thousands, except per share amounts) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Numerator: | |||||||||||||||||
| (Loss) income from continuing operations, net of loss (income) attributable to noncontrolling interests | $ |
(
|
$ |
|
$ |
|
|||||||||||
| (Loss) income from discontinued operations |
|
(
|
|
||||||||||||||
| Net (loss) income attributable to Vornado |
(
|
|
|
||||||||||||||
| Preferred share dividends |
(
|
(
|
(
|
||||||||||||||
| Preferred share issuance costs |
|
|
(
|
||||||||||||||
| Net (loss) income attributable to common shareholders |
(
|
|
|
||||||||||||||
| Earnings allocated to unvested participating securities |
(
|
(
|
(
|
||||||||||||||
| Numerator for basic (loss) income per share |
(
|
|
|
||||||||||||||
| Impact of assumed conversions: | |||||||||||||||||
| Convertible preferred share dividends |
|
|
|
||||||||||||||
| Earnings allocated to Out-Performance Plan units |
|
|
|
||||||||||||||
| Numerator for diluted (loss) income per share | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Denominator: | |||||||||||||||||
| Denominator for basic (loss) income per share – weighted average shares |
|
|
|
||||||||||||||
|
Effect of dilutive securities
(1)
:
|
|||||||||||||||||
| Employee stock options and restricted stock awards |
|
|
|
||||||||||||||
| Convertible preferred shares |
|
|
|
||||||||||||||
| Out-Performance Plan units |
|
|
|
||||||||||||||
| Denominator for diluted (loss) income per share – weighted average shares and assumed conversions |
|
|
|
||||||||||||||
| (LOSS) INCOME PER COMMON SHARE - BASIC: | |||||||||||||||||
| Net (loss) income per common share | $ |
(
|
$ |
|
$ |
|
|||||||||||
| (LOSS) INCOME PER COMMON SHARE - DILUTED: | |||||||||||||||||
| Net (loss) income per common share | $ |
(
|
$ |
|
$ |
|
|||||||||||
| (Amounts in thousands, except per unit amounts) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Numerator: | |||||||||||||||||
| (Loss) income from continuing operations, net of loss attributable to noncontrolling interests in consolidated subsidiaries | $ |
(
|
$ |
|
$ |
|
|||||||||||
| (Loss) income from discontinued operations |
|
(
|
|
||||||||||||||
| Net (loss) income attributable to Vornado Realty L.P. |
(
|
|
|
||||||||||||||
| Preferred unit distributions |
(
|
(
|
(
|
||||||||||||||
| Preferred unit issuance costs |
|
|
(
|
||||||||||||||
| Net (loss) income attributable to Class A unitholders |
(
|
|
|
||||||||||||||
| Earnings allocated to unvested participating securities |
(
|
(
|
(
|
||||||||||||||
| Numerator for basic (loss) income per Class A unit |
(
|
|
|
||||||||||||||
| Impact of assumed conversions: | |||||||||||||||||
| Convertible preferred unit distributions |
|
|
|
||||||||||||||
| Numerator for diluted (loss) income per Class A unit | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Denominator: | |||||||||||||||||
| Denominator for basic (loss) income per Class A unit – weighted average units |
|
|
|
||||||||||||||
|
Effect of dilutive securities
(1)
:
|
|||||||||||||||||
| Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs |
|
|
|
||||||||||||||
| Convertible preferred units |
|
|
|
||||||||||||||
| Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions |
|
|
|
||||||||||||||
| (LOSS) INCOME PER CLASS A UNIT - BASIC: | |||||||||||||||||
| (Loss) income from continuing operations, net | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Income from discontinued operations, net |
|
|
|
||||||||||||||
| Net (loss) income per Class A unit | $ |
(
|
$ |
|
$ |
|
|||||||||||
| (LOSS) INCOME PER CLASS A UNIT - DILUTED: | |||||||||||||||||
| Net (loss) income per Class A unit | $ |
(
|
$ |
|
$ |
|
|||||||||||
| (Amounts in thousands) | As of December 31, 2020 | ||||
| For the year ended December 31, | |||||
| 2021 | $ |
|
|||
| 2022 |
|
||||
| 2023 |
|
||||
| 2024 |
|
||||
| 2025 |
|
||||
| Thereafter |
|
||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Weighted average remaining lease term (in years) |
|
|
|||||||||
| Weighted average discount rate |
|
% |
|
% | |||||||
| Cash paid for operating leases | $ |
|
$ |
|
|||||||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
|
Fixed rent expense
|
$ |
|
$ |
|
|||||||
|
Variable rent expense
|
|
|
|||||||||
|
Rent expense
|
$ |
|
$ |
|
|||||||
| (Amounts in thousands) | As of December 31, 2020 | ||||
| For the year ended December 31, | |||||
| 2021 | $ |
|
|||
| 2022 |
|
||||
| 2023 |
|
||||
| 2024 |
|
||||
| 2025 |
|
||||
| Thereafter |
|
||||
| Total undiscounted cash flows |
|
||||
| Present value discount |
(
|
||||
|
Lease liabilities
|
$ |
|
|||
| (Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Net (loss) income | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Depreciation and amortization expense |
|
|
|
||||||||||||||
| General and administrative expense |
|
|
|
||||||||||||||
| Impairment losses and transaction related costs, net |
|
|
|
||||||||||||||
| Loss (income) from partially owned entities |
|
(
|
(
|
||||||||||||||
| Loss from real estate fund investments |
|
|
|
||||||||||||||
| Interest and other investment loss (income), net |
|
(
|
(
|
||||||||||||||
| Interest and debt expense |
|
|
|
||||||||||||||
| Net gain on transfer to Fifth Avenue and Times Square JV |
|
(
|
|
||||||||||||||
| Purchase price fair value adjustment |
|
|
(
|
||||||||||||||
| Net gains on disposition of wholly owned and partially owned assets |
(
|
(
|
(
|
||||||||||||||
| Income tax expense |
|
|
|
||||||||||||||
| Loss (income) from discontinued operations |
|
|
(
|
||||||||||||||
| NOI from partially owned entities |
|
|
|
||||||||||||||
| NOI attributable to noncontrolling interests in consolidated subsidiaries |
(
|
(
|
(
|
||||||||||||||
| NOI at share |
|
|
|
||||||||||||||
| Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other |
|
(
|
(
|
||||||||||||||
| NOI at share - cash basis | $ |
|
$ |
|
$ |
|
|||||||||||
| (Amounts in thousands) | For the Year Ended December 31, 2020 | ||||||||||||||||
| Total | New York | Other | |||||||||||||||
| Total revenues | $ |
|
$ |
|
$ |
|
|||||||||||
| Operating expenses |
(
|
(
|
(
|
||||||||||||||
| NOI - consolidated |
|
|
|
||||||||||||||
| Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries |
(
|
(
|
(
|
||||||||||||||
| Add: NOI from partially owned entities |
|
|
|
||||||||||||||
| NOI at share |
|
|
|
||||||||||||||
|
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
|
|
|
||||||||||||||
| NOI at share - cash basis | $ |
|
$ |
|
$ |
|
|||||||||||
| Balance Sheet Data: | |||||||||||||||||
| Real estate, at cost | $ |
|
$ |
|
$ |
|
|||||||||||
| Investments in partially owned entities |
|
|
|
||||||||||||||
| Total assets |
|
|
|
||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, 2019 | ||||||||||||||||
| Total | New York | Other | |||||||||||||||
| Total revenues | $ |
|
$ |
|
$ |
|
|||||||||||
| Operating expenses |
(
|
(
|
(
|
||||||||||||||
| NOI - consolidated |
|
|
|
||||||||||||||
| Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries |
(
|
(
|
(
|
||||||||||||||
| Add: NOI from partially owned entities |
|
|
|
||||||||||||||
| NOI at share |
|
|
|
||||||||||||||
|
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
(
|
(
|
|
||||||||||||||
| NOI at share - cash basis | $ |
|
$ |
|
$ |
|
|||||||||||
| Balance Sheet Data: | |||||||||||||||||
| Real estate, at cost | $ |
|
$ |
|
$ |
|
|||||||||||
| Investments in partially owned entities |
|
|
|
||||||||||||||
| Total assets |
|
|
|
||||||||||||||
| (Amounts in thousands) | For the Year Ended December 31, 2018 | ||||||||||||||||
| Total | New York | Other | |||||||||||||||
| Total revenues | $ |
|
$ |
|
$ |
|
|||||||||||
| Operating expenses |
(
|
(
|
(
|
||||||||||||||
| NOI - consolidated |
|
|
|
||||||||||||||
| Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries |
(
|
(
|
(
|
||||||||||||||
| Add: NOI from partially owned entities |
|
|
|
||||||||||||||
| NOI at share |
|
|
|
||||||||||||||
|
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
|
(
|
(
|
|
||||||||||||||
| NOI at share - cash basis | $ |
|
$ |
|
$ |
|
|||||||||||
| Name | Age |
PRINCIPAL OCCUPATION, POSITION AND OFFICE
(Current and during past five years with Vornado unless otherwise stated) |
||||||||||||
| Steven Roth | 79 | Chairman of the Board; Chief Executive Officer since April 2013 and from May 1989 to May 2009; Managing General Partner of Interstate Properties, an owner of shopping centers and an investor in securities and partnerships; Chief Executive Officer of Alexander’s, Inc. since March 1995, a Director since 1989, and Chairman of the Board since May 2004. | ||||||||||||
| Michael J. Franco | 52 | President and Chief Financial Officer since December 2020; President since April 2019; Executive Vice President - Chief Investment Officer from April 2015 to April 2019; Executive Vice President - Head of Acquisitions and Capital Markets from November 2010 to April 2015. | ||||||||||||
| Haim Chera | 51 | Executive Vice President - Head of Retail since April 2019; Principal at Crown Acquisitions from January 2000 - April 2019. | ||||||||||||
| Barry S. Langer | 42 | Executive Vice President - Development - Co-Head of Real Estate since April 2019; Executive Vice President - Head of Development from May 2015 to April 2019. | ||||||||||||
| Glen J. Weiss | 51 | Executive Vice President - Office Leasing - Co-Head of Real Estate since April 2019; Executive Vice President - Office Leasing from May 2013 to April 2019. | ||||||||||||
| Plan Category |
Number of securities to be
issued upon exercise of outstanding options, warrants and rights |
Weighted-average
exercise price of outstanding options, warrants and rights |
Number of securities remaining
available for future issuance under equity compensation plans (excluding securities reflected in the second column) |
||||||||||||||||||||
|
Equity compensation plans approved by security holders
|
5,380,924 |
(1)
|
$ | 64.79 | 4,661,915 |
(2)
|
|||||||||||||||||
|
Equity compensation awards not approved by security holders
|
— | — | — | ||||||||||||||||||||
| Total | 5,380,924 | $ | 64.79 | 4,661,915 | |||||||||||||||||||
|
Page in this
Annual Report on Form 10-K |
|||||
| III--Real Estate and Accumulated Depreciation as of December 31, 2020, 2019 and 2018 | |||||
| COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | COLUMN I | ||||||||||||||||||||||||||||||||||||||||||||||||
| Encumbrances (1) | Initial cost to company |
Costs
capitalized subsequent to acquisition |
Gross amount at which
carried at close of period |
Accumulated
depreciation and amortization |
Date of
construction (3) |
Date
acquired |
Life on which
depreciation in latest income statement is computed |
|||||||||||||||||||||||||||||||||||||||||||||||||
| Land |
Buildings
and improvements |
Land |
Buildings
and improvements |
Total (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| New York | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Manhattan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1290 Avenue of the Americas | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||
| 350 Park Avenue |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| PENN1 |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 100 West 33rd Street |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 150 West 34th Street |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| PENN2 |
|
(5) |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||
| 90 Park Avenue |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| Manhattan Mall |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 770 Broadway |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 888 Seventh Avenue |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| PENN11 |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 909 Third Avenue |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 150 East 58th Street |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 595 Madison Avenue |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 330 West 34th Street |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 828-850 Madison Avenue |
|
|
|
(
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 715 Lexington Avenue |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 478-486 Broadway |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 4 Union Square South |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| Farley Office and Retail |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 260 Eleventh Avenue |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 510 Fifth Avenue |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 606 Broadway |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 40 Fulton Street |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 443 Broadway |
|
|
|
(
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 40 East 66th Street |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 155 Spring Street |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 435 Seventh Avenue |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 692 Broadway |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 131-135 West 33rd Street |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | COLUMN I | ||||||||||||||||||||||||||||||||||||||||||||||||
| Encumbrances (1) | Initial cost to company |
Costs
capitalized subsequent to acquisition |
Gross amount at which
carried at close of period |
Accumulated
depreciation and amortization |
Date of
construction (3) |
Date
acquired |
Life on which
depreciation in latest income statement is computed |
|||||||||||||||||||||||||||||||||||||||||||||||||
| Land |
Buildings
and improvements |
Land |
Buildings
and improvements |
Total (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| New York - continued | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Manhattan - continued | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 304 Canal Street |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||
| 677-679 Madison Avenue |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 1131 Third Avenue |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 431 Seventh Avenue |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 138-142 West 32nd Street |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 334 Canal Street |
|
|
|
(
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 966 Third Avenue |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 148 Spring Street |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 150 Spring Street |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 137 West 33rd Street |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 825 Seventh Avenue |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 537 West 26th Street |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 339 Greenwich |
|
|
|
(
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| Other (Including Signage) |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
| Total Manhattan |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
| Other Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel Pennsylvania, New York |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
|
33-00 Northern Boulevard, Queens,
New York |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| Paramus, New Jersey |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| Total Other Properties |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
| Total New York |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
| COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | COLUMN I | ||||||||||||||||||||||||||||||||||||||||||||||||
| Encumbrances (1) | Initial cost to company |
Costs
capitalized subsequent to acquisition |
Gross amount at which
carried at close of period |
Accumulated
depreciation and amortization |
Date of
construction (3) |
Date
acquired |
Life on which
depreciation in latest income statement is computed |
|||||||||||||||||||||||||||||||||||||||||||||||||
| Land |
Buildings
and improvements |
Land |
Buildings
and improvements |
Total (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| theMART | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| theMART, Illinois | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||
| 527 West Kinzie, Illinois |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| Piers 92 and 94, New York |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| Total theMART |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
| 555 California Street, California |
|
|
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||
| 220 Central Park South, New York |
|
|
|
(
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| Borgata Land, Atlantic City, NJ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
| 40 East 66th Residential, New York |
|
|
|
(
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| 677-679 Madison Avenue, New York |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| Annapolis, Maryland |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| Wayne Towne Center, New Jersey |
|
|
|
|
|
|
|
|
|
(4) | ||||||||||||||||||||||||||||||||||||||||||||||
| Other |
|
|
|
|
|
|
|
|
(4) | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Other |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Leasehold improvements equipment and other
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
| Total December 31, 2020 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Real Estate | |||||||||||||||||
| Balance at beginning of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Additions during the period: | |||||||||||||||||
| Land |
|
|
|
||||||||||||||
| Buildings & improvements and other |
|
|
|
||||||||||||||
|
|
|
|
|||||||||||||||
| Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated |
|
|
|
||||||||||||||
| Balance at end of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Accumulated Depreciation | |||||||||||||||||
| Balance at beginning of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Additions charged to operating expenses |
|
|
|
||||||||||||||
|
|
|
|
|||||||||||||||
|
Less: Accumulated depreciation on assets sold, written-off and deconsolidated
|
|
|
|
||||||||||||||
| Balance at end of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Exhibit No. | |||||||||||||||||
| — | Master Transaction Agreement, dated as of October 31, 2016, by and among Vornado Realty Trust, Vornado Realty L.P., JBG Properties, Inc., JBG/Operating Partners, L.P., certain affiliates of JBG Properties Inc. and JBG/Operating Partners set forth on Schedule A thereto, JBG SMITH Properties and JBG SMITH Properties LP. Incorporated by reference to Exhibit 2.1 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2016 (File No.001-11954), filed February 13, 2017 | * | |||||||||||||||
| — | Articles of Restatement of Vornado Realty Trust, as filed with the State Department of Assessments and Taxation of Maryland on July 30, 2007 - Incorporated by reference to Exhibit 3.75 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 (File No. 001-11954), filed on July 31, 2007 | * | |||||||||||||||
| — | Amended and Restated Bylaws of Vornado Realty Trust, as amended on July 25, 2018 - Incorporated by reference to Exhibit 3.55 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (File No. 001-11954), filed on July 30, 2018 | * | |||||||||||||||
| — | Articles of Amendment to Declaration of Trust, dated September 30, 2016 | *** | |||||||||||||||
|
3.
4
|
— | Articles of Amendment to Declaration of Trust, dated June 13, 2018 - Incorporated by reference to Exhibit 3.54 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (File No. 001-11954), filed on July 30, 2018 | * | ||||||||||||||
| — | Articles of Amendment to Declaration of Trust, dated August 7, 2019 - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on August 8, 2019 | * | |||||||||||||||
|
3.
6
|
— | Articles Supplementary, 5.40% Series L Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, no par value – Incorporated by reference to Exhibit 3.6 to Vornado Realty Trust’s Registration Statement on Form 8-A (File No. 001-11954), filed on January 25, 2013 | * | ||||||||||||||
|
3.
7
|
— | Articles Supplementary Classifying Vornado Realty Trust's 5.25% Series M Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, no par value - Incorporated by reference to Exhibit 3.7 to Vornado Realty Trust's Registration Statement on Form 8-A (File No. 001-11954), filed on December 13, 2017 | * | ||||||||||||||
| — | Articles Supplementary Classifying Vornado Realty Trust's 5.25% Series N Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, no par value - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on November 24, 2020 | * | |||||||||||||||
|
3.
9
|
— | Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of October 20, 1997 (the “Partnership Agreement”) – Incorporated by reference to Exhibit 3.26 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003 (File No. 001-11954), filed on May 8, 2003 | * | ||||||||||||||
|
3.
10
|
— | Amendment to the Partnership Agreement, dated as of December 16, 1997 – Incorporated by reference to Exhibit 3.27 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003 (File No. 001-11954), filed on May 8, 2003 | * | ||||||||||||||
|
3.
11
|
— | Second Amendment to the Partnership Agreement, dated as of April 1, 1998 – Incorporated by reference to Exhibit 3.5 to Vornado Realty Trust’s Registration Statement on Form S-3 (File No. 333-50095), filed on April 14, 1998 | * | ||||||||||||||
|
3.
12
|
— | Third Amendment to the Partnership Agreement, dated as of November 12, 1998 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on November 30, 1998 | * | ||||||||||||||
|
3.
13
|
— | Fourth Amendment to the Partnership Agreement, dated as of November 30, 1998 - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on February 9, 1999 | * | ||||||||||||||
|
3.1
4
|
— | Fifth Amendment to the Partnership Agreement, dated as of March 3, 1999 - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on March 17, 1999 | * | ||||||||||||||
|
3.1
5
|
— | Sixth Amendment to the Partnership Agreement, dated as of March 17, 1999 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on July 7, 1999 | * | ||||||||||||||
|
3.1
6
|
— | Seventh Amendment to the Partnership Agreement, dated as of May 20, 1999 - Incorporated by reference to Exhibit 3.3 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on July 7, 1999 | * | ||||||||||||||
|
3.1
7
|
— | Eighth Amendment to the Partnership Agreement, dated as of May 27, 1999 - Incorporated by reference to Exhibit 3.4 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on July 7, 1999 | * | ||||||||||||||
|
3.1
8
|
— | Ninth Amendment to the Partnership Agreement, dated as of September 3, 1999 - Incorporated by reference to Exhibit 3.3 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on October 25, 1999 | * | ||||||||||||||
|
3.1
9
|
— | Tenth Amendment to the Partnership Agreement, dated as of September 3, 1999 - Incorporated by reference to Exhibit 3.4 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on October 25, 1999 | * | ||||||||||||||
|
3.
20
|
— | Eleventh Amendment to the Partnership Agreement, dated as of November 24, 1999 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on December 23, 1999 | * | ||||||||||||||
|
3.
21
|
— | Twelfth Amendment to the Partnership Agreement, dated as of May 1, 2000 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on May 19, 2000 | * | ||||||||||||||
| ________________________________ | |||||||||||||||||
| * | Incorporated by reference | ||||||||||||||||
| *** | Filed herewith | ||||||||||||||||
| — | Thirteenth Amendment to the Partnership Agreement, dated as of May 25, 2000 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on June 16, 2000 | * | |||||||||||||||
|
3.
23
|
— | Fourteenth Amendment to the Partnership Agreement, dated as of December 8, 2000 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on December 28, 2000 | * | ||||||||||||||
|
3.2
4
|
— | Fifteenth Amendment to the Partnership Agreement, dated as of December 15, 2000 - Incorporated by reference to Exhibit 4.35 to Vornado Realty Trust’s Registration Statement on Form S-8 (File No. 333-68462), filed on August 27, 2001 | * | ||||||||||||||
|
3.2
5
|
— | Sixteenth Amendment to the Partnership Agreement, dated as of July 25, 2001 - Incorporated by reference to Exhibit 3.3 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on October 12, 2001 | * | ||||||||||||||
| — | Seventeenth Amendment to the Partnership Agreement, dated as of September 21, 2001 - Incorporated by reference to Exhibit 3.4 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on October 12, 2001 | * | |||||||||||||||
| — | Eighteenth Amendment to the Partnership Agreement, dated as of January 1, 2002 - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust’s Current Report on Form 8-K/A (File No. 001-11954), filed on March 18, 2002 | * | |||||||||||||||
|
3.2
8
|
— | Nineteenth Amendment to the Partnership Agreement, dated as of July 1, 2002 - Incorporated by reference to Exhibit 3.47 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (File No. 001-11954), filed on August 7, 2002 | * | ||||||||||||||
|
3.2
9
|
— | Twentieth Amendment to the Partnership Agreement, dated April 9, 2003 - Incorporated by reference to Exhibit 3.46 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003 (File No. 001-11954), filed on May 8, 2003 | * | ||||||||||||||
|
3.
30
|
— | Twenty-First Amendment to the Partnership Agreement, dated as of July 31, 2003 - Incorporated by reference to Exhibit 3.47 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2003 (File No. 001-11954), filed on November 7, 2003 | * | ||||||||||||||
| — | Twenty-Second Amendment to the Partnership Agreement, dated as of November 17, 2003 – Incorporated by reference to Exhibit 3.49 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2003 (File No. 001-11954), filed on March 3, 2004 | * | |||||||||||||||
|
3.
32
|
— | Twenty-Third Amendment to the Partnership Agreement, dated May 27, 2004 – Incorporated by reference to Exhibit 99.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on June 14, 2004 | * | ||||||||||||||
|
3.
33
|
— | Twenty-Fourth Amendment to the Partnership Agreement, dated August 17, 2004 – Incorporated by reference to Exhibit 3.57 to Vornado Realty Trust and Vornado Realty L.P.’s Registration Statement on Form S-3 (File No. 333-122306), filed on January 26, 2005 | * | ||||||||||||||
|
3.3
4
|
— | Twenty-Fifth Amendment to the Partnership Agreement, dated November 17, 2004 – Incorporated by reference to Exhibit 3.58 to Vornado Realty Trust and Vornado Realty L.P.’s Registration Statement on Form S-3 (File No. 333-122306), filed on January 26, 2005 | * | ||||||||||||||
|
3.3
5
|
— | Twenty-Sixth Amendment to the Partnership Agreement, dated December 17, 2004 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on December 21, 2004 | * | ||||||||||||||
|
3.3
6
|
— | Twenty-Seventh Amendment to the Partnership Agreement, dated December 20, 2004 – Incorporated by reference to Exhibit 3.2 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on December 21, 2004 | * | ||||||||||||||
|
3.3
7
|
— | Twenty-Eighth Amendment to the Partnership Agreement, dated December 30, 2004 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on January 4, 2005 | * | ||||||||||||||
|
3.3
8
|
— | Twenty-Ninth Amendment to the Partnership Agreement, dated June 17, 2005 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on June 21, 2005 | * | ||||||||||||||
|
3.3
9
|
— | Thirtieth Amendment to the Partnership Agreement, dated August 31, 2005 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on September 1, 2005 | * | ||||||||||||||
|
3.
40
|
— | Thirty-First Amendment to the Partnership Agreement, dated September 9, 2005 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on September 14, 2005 | * | ||||||||||||||
|
3.
41
|
— | Thirty-Second Amendment and Restated Agreement of Limited Partnership, dated as of December 19, 2005 – Incorporated by reference to Exhibit 3.59 to Vornado Realty L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2006 (File No. 000-22685), filed on May 8, 2006 | * | ||||||||||||||
|
3.
42
|
— | Thirty-Third Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of April 25, 2006 – Incorporated by reference to Exhibit 10.2 to Vornado Realty Trust’s Form 8-K (File No. 001-11954), filed on May 1, 2006 | * | ||||||||||||||
| — | Thirty-Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of May 2, 2006 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on May 3, 2006 | * | |||||||||||||||
| — | Thirty-Fifth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of August 17, 2006 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Form 8-K (File No. 000-22685), filed on August 23, 2006 | * | |||||||||||||||
|
3.4
5
|
— | Thirty-Sixth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of October 2, 2006 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Form 8-K (File No. 000-22685), filed on January 22, 2007 | * | ||||||||||||||
|
3.4
6
|
— | Thirty-Seventh Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of June 28, 2007 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 000-22685), filed on June 27, 2007 | * | ||||||||||||||
| __________________________________ | |||||||||||||||||
| * | Incorporated by reference | ||||||||||||||||
|
3.4
7
|
— | Thirty-Eighth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of June 28, 2007 – Incorporated by reference to Exhibit 3.2 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 000-22685), filed on June 27, 2007 | * | ||||||||||||||
|
3.4
8
|
— | Thirty-Ninth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of June 28, 2007 – Incorporated by reference to Exhibit 3.3 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on June 27, 2007 | * | ||||||||||||||
|
3.4
9
|
— | Fortieth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of June 28, 2007 – Incorporated by reference to Exhibit 3.4 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on June 27, 2007 | * | ||||||||||||||
|
3.
50
|
— | Forty-First Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of March 31, 2008 – Incorporated by reference to Exhibit 3.44 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 (file No. 001-11954), filed on May 6, 2008 | * | ||||||||||||||
|
3.
51
|
— | Forty-Second Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of December 17, 2010 – Incorporated by reference to Exhibit 99.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No 000-22685), filed on December 21, 2010 | * | ||||||||||||||
|
3.
52
|
— | Forty-Third Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of April 20, 2011 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 000-22685), filed on April 21, 2011 | * | ||||||||||||||
|
3.
53
|
— | Forty-Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as, of March 30, 2012 - Incorporated by reference to Exhibit 99.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 001-34482), filed on April 5, 2012 | * | ||||||||||||||
|
3.5
4
|
— | Forty-Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership dated as of July 18, 2012 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 001-34482), filed on July 18, 2012 | * | ||||||||||||||
|
3.5
5
|
— | Forty-Fifth Amendment to Second Amended and Restated Agreement of Limited Partnership, dated as of January 25, 2013 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 001-34482), filed on January 25, 2013 | * | ||||||||||||||
|
3.5
6
|
— | Forty-Sixth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated April 1, 2015 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 001-34482), filed on April 2, 2015 | * | ||||||||||||||
|
3.5
7
|
** | — | Forty-Seventh Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated December 13, 2017 - Incorporated by reference to Exhibit 3.2 to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 001-34482), filed on December 13, 2017 | * | |||||||||||||
| ** | — | Forty-Eighth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of January 12, 2018 - Incorporated by reference to Exhibit 3.53 to Vornado Realty Trust's Annual Report on 10-K for the year ended December 31, 2017 (File No. 001-11954), filed on February 12, 2018 | * | ||||||||||||||
|
3.5
9
|
— | Forty-Ninth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of August 7, 2019 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on August 8, 2019 | * | ||||||||||||||
| — | Fiftieth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of November 24, 2020 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on November 24, 2020 | * | |||||||||||||||
| — | Indenture, dated as of November 25, 2003, between Vornado Realty L.P. and The Bank of New York, as Trustee - Incorporated by reference to Exhibit 4.10 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 (File No. 001-11954), filed on April 28, 2005 | * | |||||||||||||||
| — | Indenture, dated as of November 20, 2006, among Vornado Realty Trust, as Issuer, Vornado Realty L.P., as Guarantor and The Bank of New York, as Trustee – Incorporated by reference to Exhibit 4.1 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on November 27, 2006 | * | |||||||||||||||
| Certain instruments defining the rights of holders of long-term debt securities of Vornado Realty Trust and its subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. Vornado Realty Trust hereby undertakes to furnish to the Securities and Exchange Commission, upon request, copies of such instruments | |||||||||||||||||
| — | Description of the Vornado Realty Trust securities registered pursuant to Section 12 of the Securities Exchange Act | *** | |||||||||||||||
| — | Description of Class A units of Vornado Realty L.P. and certain provisions of its agreement of limited partnership | *** | |||||||||||||||
| 10.1 | — | Registration Rights Agreement between Vornado, Inc. and Steven Roth, dated December 29, 1992 - Incorporated by reference to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 001-11954), filed February 16, 1993 | * | ||||||||||||||
| 10.2 | ** | — | Management Agreement between Interstate Properties and Vornado, Inc. dated July 13, 1992 – Incorporated by reference to Vornado, Inc.’s Annual Report on Form 10-K for the year ended December 31, 1992 (File No. 001-11954), filed February 16, 1993 | * | |||||||||||||
| __________________________________________ | |||||||||||||||||
| * | Incorporated by reference | ||||||||||||||||
| ** | Management contract or compensatory agreement | ||||||||||||||||
| *** | Filed herewith | ||||||||||||||||
| ** | — | Employment Agreement, dated as of April 15, 1997, by and among Vornado Realty Trust, The Mendik Company, L.P. and David R. Greenbaum - Incorporated by reference to Exhibit 10.4 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on April 30, 1997 | * | ||||||||||||||
| — | Tax Reporting and Protection Agreement, dated December 31, 2001, by and among Vornado, Vornado Realty L.P., Charles E. Smith Commercial Realty L.P. and Charles E. Smith Commercial Realty L.L.C. - Incorporated by reference to Exhibit 10.3 to Vornado Realty Trust’s Current Report on Form 8-K/A (File No. 1-11954), filed on March 18, 2002 | * | |||||||||||||||
| ** | — | Amendment to Real Estate Retention Agreement, dated as of July 3, 2002, by and between Alexander’s, Inc. and Vornado Realty L.P. - Incorporated by reference to Exhibit 10(i)(E)(3) to Alexander’s Inc.’s Quarterly Report for the quarter ended June 30, 2002 (File No. 001-06064), filed on August 7, 2002 | * | ||||||||||||||
| ** | — | 59th Street Real Estate Retention Agreement, dated as of July 3, 2002, by and between Vornado Realty L.P., 731 Residential LLC and 731 Commercial LLC - Incorporated by reference to Exhibit 10(i)(E)(4) to Alexander’s Inc.’s Quarterly Report for the quarter ended June 30, 2002 (File No. 001-06064), filed on August 7, 2002 | * | ||||||||||||||
| — | Amended and Restated Management and Development Agreement, dated as of July 3, 2002, by and between Alexander's, Inc., the subsidiaries party thereto and Vornado Management Corp. - Incorporated by reference to Exhibit 10(i)(F)(1) to Alexander's Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (File No. 001-06064), filed on August 7, 2020 | * | |||||||||||||||
|
10.
8
|
** | — | Amended and Restated Employment Agreement between Vornado Realty Trust and Joseph Macnow dated July 27, 2006 – Incorporated by reference to Exhibit 10.54 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2006 (File No. 001-11954), filed on August 1, 2006 | * | |||||||||||||
|
10.
9
|
** | — | Second Amendment to Real Estate Retention Agreement, dated January 1, 2007, by and between Vornado Realty L.P. and Alexander’s Inc. – Incorporated by reference to Exhibit 10.55 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No. 001-11954), filed on February 27, 2007 | * | |||||||||||||
|
10.1
0
|
** | — | Amendment to 59th Street Real Estate Retention Agreement, dated January 1, 2007, by and among Vornado Realty L.P., 731 Retail One LLC, 731 Restaurant LLC, 731 Office One LLC and 731 Office Two LLC. – Incorporated by reference to Exhibit 10.56 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No. 001-11954), filed on February 27, 2007 | * | |||||||||||||
|
10.1
1
|
** | — | Amendment to Employment Agreement between Vornado Realty Trust and Joseph Macnow, dated December 29, 2008 - Incorporated by reference to Exhibit 10.48 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 001-11954) filed on February 24, 2009 | * | |||||||||||||
|
10.1
2
|
** | — | Amendment to Employment Agreement between Vornado Realty Trust and David R. Greenbaum, dated December 29, 2008 - Incorporated by reference to Exhibit 10.49 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 001-11954) filed on February 24, 2009 | * | |||||||||||||
|
10.1
3
|
** | — | Amendment to Indemnification Agreement between Vornado Realty Trust and David R. Greenbaum, dated December 29, 2008 - Incorporated by reference to Exhibit 10.50 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 001-11954) filed on February 24, 2009 | * | |||||||||||||
|
10.1
4
|
** | — | Vornado Realty Trust's 2010 Omnibus Share Plan - Incorporated by reference to Exhibit 10.41 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 (File No. 001-11954) filed on August 3, 2010 | * | |||||||||||||
|
10.1
5
|
** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan Incentive / Non-Qualified Stock Option Agreement - Incorporated by reference to Exhibit 99.1 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954) filed on April 5, 2012 | * | |||||||||||||
|
10.1
6
|
** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted Stock Agreement - Incorporated by reference to Exhibit 99.2 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954) filed on April 5, 2012 | * | |||||||||||||
|
10.
17
|
** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted LTIP Unit Agreement - Incorporated by reference to Exhibit 99.3 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954) filed on April 5, 2012 | * | |||||||||||||
|
10.1
8
|
** | — | Form of Vornado Realty Trust 2012 Outperformance Plan Award Agreement - Incorporated by reference to Exhibit 10.45 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2012 (File No. 001-11954) filed on February 26, 2013 | * | |||||||||||||
|
10.
19
|
** | — | Form of Vornado Realty Trust 2013 Outperformance Plan Award Agreement - Incorporated by reference to Exhibit 10.50 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 (File No. 001-11954), filed on May 6, 2013 | * | |||||||||||||
|
10.2
0
|
** | — | Employment agreement between Vornado Realty Trust and Michael J. Franco dated January 10, 2014 - Incorporated by reference to Exhibit 10.52 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (File No. 001-11954), filed on May 5, 2014 | * | |||||||||||||
|
10.
21
|
** | — | Form of 2017 Amendment to Vornado Realty Trust 2015, 2016, 2017 Outperformance Plan Award Agreements - Incorporated by reference to Exhibit 10.32 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 (File No. 001-11954), filed on July 31, 2017 | * | |||||||||||||
|
10.
22
|
** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan AO LTIP Unit Award Agreement - Incorporated by reference to Exhibit 10.34 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 001-11954), filed on February 12, 2018 | * | |||||||||||||
|
10.
23
|
** | — | Form of Vornado Realty Trust 2018 Outperformance Plan Award Agreement - Incorporated by reference to Exhibit 10.35 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 (File No. 001-11954) filed on April 30, 2018 | * | |||||||||||||
| — | Amended and Restated Term Loan Agreement dated as of October 26, 2018 among Vornado Realty L.P. as Borrower, Vornado Realty Trust as General Partner, the Banks listed on the signature pages thereof, and JP Morgan Chase Bank N.A. as Administrative Agent for the Banks - Incorporated by reference to Exhibit 10.36 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 (File No. 001-11954), filed on October 29, 2018 | * | |||||||||||||||
| __________________________________________ | |||||||||||||||||
| * | Incorporated by reference | ||||||||||||||||
| ** | Management contract or compensatory agreement | ||||||||||||||||
| ** | — | Form of Performance Conditioned AO LTIP Award Agreement - Incorporated by reference to Exhibit 10.36 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-11954), filed on February 11, 2019 | * | ||||||||||||||
| ** | — | Form of 2019 Amendment to Restricted LTIP Unit and Restricted Stock Agreements - Incorporated by reference to Exhibit 10.37 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-11954), filed on February 11, 2019 | * | ||||||||||||||
| ** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted LTIP Unit Agreement - Incorporated by reference to Exhibit 10.38 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-11954), filed on February 11, 2019 | * | ||||||||||||||
| ** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted Stock Agreement - Incorporated by reference to Exhibit 10.39 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-11954), filed on February 11, 2019 | * | ||||||||||||||
| — | Second Amended and Restated Revolving Credit Agreement dated as of March 26, 2019, among Vornado Realty L.P., as Borrower, Vornado Realty Trust as General Partner, the Banks listed on the signature pages thereof, and JPMorgan Chase Bank N.A., as Administrative Agent for the Banks - Incorporated by reference to Exhibit 10.40 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 (File No. 001-11954), filed on April 29, 2019 | * | |||||||||||||||
| ** | — | Form of Vornado Realty Trust 2019 Omnibus Share Plan - Incorporated by reference to Annex B to Vornado Realty Trust's Proxy Statement dated April 5, 2019 (File No. 001-11954), filed on April 5, 2019 | * | ||||||||||||||
| — | Transaction Agreement between Vornado Realty L.P. and Crown Jewel Partner LLC, dated April 18, 2019 - Incorporated by reference to Exhibit 10.42 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 (File No. 001-11954), filed on July 29, 2019 | * | |||||||||||||||
| ** | — | Form of Vornado Realty Trust 2019 Omnibus Share Plan Restricted Stock Agreement - Incorporated by reference to Exhibit 10.32 to Vornado Realty Trust's Quarterly Report on Form 10-K for the year ended December 31, 2019 (File No. 001-11954), filed on February 18, 2020 | * | ||||||||||||||
| ** | — | Form of Vornado Realty Trust 2019 Omnibus Share Plan Restricted LTIP Unit Agreement - Incorporated by reference to Exhibit 10.33 to Vornado Realty Trust's Quarterly Report on Form 10-K for the year ended December 31, 2019 (File No. 001-11954), filed on February 18, 2020 | * | ||||||||||||||
| ** | — | Form of Vornado Realty Trust 2019 Omnibus Share Plan Incentive/Non-Qualified Stock Option Agreement - Incorporated by reference to Exhibit 10.34 to Vornado Realty Trust's Quarterly Report on Form 10-K for the year ended December 31, 2019 (File No. 001-11954), filed on February 18, 2020 | * | ||||||||||||||
| ** | — | Employment agreement between Vornado Realty Trust and Glen J. Weiss dated May 25, 2018 - Incorporated by reference to Exhibit 10.35 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (File No. 001-11954), filed on May 4, 2020 | * | ||||||||||||||
| ** | — | Employment agreement between Vornado Realty Trust and Haim Chera dated April 19, 2019 - Incorporated by reference to Exhibit 10.36 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (File No. 001-11954), filed on May 4, 2020 | * | ||||||||||||||
| ** | — | Form of Vornado Realty Trust 2020 Outperformance Plan Award Agreement - Incorporated by reference to Exhibit 10.37 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (File No. 001-11954), filed on May 4, 2020 | * | ||||||||||||||
| ** | — | Consulting agreement between Vornado Realty Trust and David R. Greenbaum dated February 16, 2021 | *** | ||||||||||||||
| ** | — | Consulting agreement between Vornado Realty Trust and Joseph Macnow dated February 16, 2021 | *** | ||||||||||||||
| ** | — | Agreement between Vornado Realty Trust and David R. Greenbaum dated February 16, 2021 | *** | ||||||||||||||
| ** | — | Agreement between Vornado Realty Trust and Joseph Macnow dated February 16, 2021 | *** | ||||||||||||||
| ** | — | Form of Vornado Realty Trust 2021 Outperformance Plan Award Agreement for Executives | *** | ||||||||||||||
| ** | — | Form of Vornado Realty Trust 2021 Outperformance Plan Award Agreement for Non-Executives | *** | ||||||||||||||
| __________________________________________ | |||||||||||||||||
| * | Incorporated by reference | ||||||||||||||||
| ** | Management contract or compensatory agreement | ||||||||||||||||
| *** | Filed herewith | ||||||||||||||||
| — | Subsidiaries of Vornado Realty Trust and Vornado Realty L.P. | *** | |||||||||||||||
| — | Consent of Independent Registered Public Accounting Firm for Vornado Realty Trust | *** | |||||||||||||||
| — | Consent of Independent Registered Public Accounting Firm for Vornado Realty L.P. | *** | |||||||||||||||
| — | Rule 13a-14 (a) Certification of the Chief Executive Officer of Vornado Realty Trust | *** | |||||||||||||||
| — | Rule 13a-14 (a) Certification of the Chief Financial Officer of Vornado Realty Trust | *** | |||||||||||||||
| — | Rule 13a-14 (a) Certification of the Chief Executive Officer of Vornado Realty L.P. | *** | |||||||||||||||
| — | Rule 13a-14 (a) Certification of the Chief Financial Officer of Vornado Realty L.P. | *** | |||||||||||||||
| — | Section 1350 Certification of the Chief Executive Officer of Vornado Realty Trust | *** | |||||||||||||||
| — | Section 1350 Certification of the Chief Financial Officer of Vornado Realty Trust | *** | |||||||||||||||
| — | Section 1350 Certification of the Chief Executive Officer of Vornado Realty L.P. | *** | |||||||||||||||
| — | Section 1350 Certification of the Chief Financial Officer of Vornado Realty L.P. | *** | |||||||||||||||
| 101 | — | The following financial information from Vornado Realty Trust and Vornado Realty L.P. Annual Report on Form 10-K for the year ended December 31, 2020 formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) consolidated balance sheets, (ii) consolidated statements of income, (iii) consolidated statements of comprehensive income, (iv) consolidated statements of changes in equity, (v) consolidated statements of cash flows, and (iv) the notes to consolidated financial statements. | *** | ||||||||||||||
| 104 | — | The cover page from the Vornado Realty Trust and Vornado Realty L.P. Annual Report on Form 10-K for the year ended December 31, 2020, formatted as iXBRL and contained in Exhibit 101. | *** | ||||||||||||||
| _____________________________ | |||||||||||||||||
| *** | Filed herewith | ||||||||||||||||
| VORNADO REALTY TRUST | ||||||||
| (Registrant) | ||||||||
|
February 16, 2021
|
By: | /s/ Matthew Iocco | ||||||
|
Matthew Iocco, Chief Accounting Officer
(duly authorized officer and principal accounting officer) |
||||||||
| Signature | Title | Date | |||||||||||||||
| By: | /s/Steven Roth | Chairman of the Board of Trustees |
February 16, 2021
|
||||||||||||||
| (Steven Roth) |
and Chief Executive Officer
(Principal Executive Officer) |
||||||||||||||||
| By: | /s/Candace K. Beinecke | Trustee |
February 16, 2021
|
||||||||||||||
| (Candace K. Beinecke) | |||||||||||||||||
| By: | /s/Michael D. Fascitelli | Trustee |
February 16, 2021
|
||||||||||||||
| (Michael D. Fascitelli) | |||||||||||||||||
| By: | /s/Beatrice Hamza Bassey | Trustee |
February 16, 2021
|
||||||||||||||
| (Beatrice Hamza Bassey) | |||||||||||||||||
| By: | /s/William W. Helman IV | Trustee |
February 16, 2021
|
||||||||||||||
| (William W. Helman IV) | |||||||||||||||||
| By: | /s/David Mandelbaum | Trustee |
February 16, 2021
|
||||||||||||||
| (David Mandelbaum) | |||||||||||||||||
| By: | /s/Mandakini Puri | Trustee |
February 16, 2021
|
||||||||||||||
| (Mandakini Puri) | |||||||||||||||||
| By: | /s/Daniel R. Tisch | Trustee |
February 16, 2021
|
||||||||||||||
| (Daniel R. Tisch) | |||||||||||||||||
| By: | /s/Richard R. West | Trustee |
February 16, 2021
|
||||||||||||||
| (Richard R. West) | |||||||||||||||||
| By: | /s/Russell B. Wight, Jr. | Trustee |
February 16, 2021
|
||||||||||||||
| (Russell B. Wight, Jr.) | |||||||||||||||||
| By: | /s/Michael J. Franco | President and Chief Financial Officer |
February 16, 2021
|
||||||||||||||
| (Michael J. Franco) | (Principal Financial Officer) | ||||||||||||||||
| By: | /s/Matthew Iocco | Chief Accounting Officer |
February 16, 2021
|
||||||||||||||
| (Matthew Iocco) | (Principal Accounting Officer) | ||||||||||||||||
| VORNADO REALTY L.P. | ||||||||
| (Registrant) | ||||||||
|
February 16, 2021
|
By: | /s/ Matthew Iocco | ||||||
| Matthew Iocco, Chief Accounting Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. (duly authorized officer and principal accounting officer) | ||||||||
| Signature | Title | Date | |||||||||||||||
| By: | /s/Steven Roth | Chairman of the Board of Trustees and |
February 16, 2021
|
||||||||||||||
| (Steven Roth) |
Chief Executive Officer of Vornado Realty Trust
(Principal Executive Officer) |
||||||||||||||||
| By: | /s/Candace K. Beinecke | Trustee of Vornado Realty Trust |
February 16, 2021
|
||||||||||||||
| (Candace K. Beinecke) | |||||||||||||||||
| By: | /s/Michael D. Fascitelli | Trustee of Vornado Realty Trust |
February 16, 2021
|
||||||||||||||
| (Michael D. Fascitelli) | |||||||||||||||||
| By: | /s/Beatrice Hamza Bassey | Trustee of Vornado Realty Trust |
February 16, 2021
|
||||||||||||||
| (Beatrice Hamza Bassey) | |||||||||||||||||
| By: | /s/William W. Helman IV | Trustee of Vornado Realty Trust |
February 16, 2021
|
||||||||||||||
| (William W. Helman IV) | |||||||||||||||||
| By: | /s/David Mandelbaum | Trustee of Vornado Realty Trust |
February 16, 2021
|
||||||||||||||
| (David Mandelbaum) | |||||||||||||||||
| By: | /s/Mandakini Puri | Trustee of Vornado Realty Trust |
February 16, 2021
|
||||||||||||||
| (Mandakini Puri) | |||||||||||||||||
| By: | /s/Daniel R. Tisch | Trustee of Vornado Realty Trust |
February 16, 2021
|
||||||||||||||
| (Daniel R. Tisch) | |||||||||||||||||
| By: | /s/Richard R. West | Trustee of Vornado Realty Trust |
February 16, 2021
|
||||||||||||||
| (Richard R. West) | |||||||||||||||||
| By: | /s/Russell B. Wight, Jr. | Trustee of Vornado Realty Trust |
February 16, 2021
|
||||||||||||||
| (Russell B. Wight, Jr.) | |||||||||||||||||
| By: | /s/Michael J. Franco | President and Chief Financial Officer of Vornado Realty Trust |
February 16, 2021
|
||||||||||||||
| (Michael J. Franco) | (Principal Financial Officer) | ||||||||||||||||
| By: | /s/Matthew Iocco | Chief Accounting Officer of Vornado Realty Trust |
February 16, 2021
|
||||||||||||||
| (Matthew Iocco) | (Principal Accounting Officer) | ||||||||||||||||